Amendment to [ Section-271FA ] w.e.f. Assessment Year 2019-2020 under Income Tax Act. (Penalty for failure to furnish statement of Financial Transaction or Reportable Account)
A penalty is imposable under section 271FA if a person [ who is required to furnish the statement of financial transaction or reportable account under section 285BA(1) ] fails to furnish such statement within the prescribed time. The quantum of penalty is Rs. 100 for every day of default. Further, it provides that in case such person fails to furnish the statement of financial transaction or reportable account within the period specified in the notice issued under section 285BA(5), he shall be liable to pay penalty of Rs. 500 for every day of default.
• Amendment - The aforesaid provisions have been amended (with effect from April 1,2018) so as to increase the penalty leviable from Rs. 100 to Rs. 500 and from Rs. 500 to Rs. 1,000, for each day of continuing default.
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