Section 271FAACentral Act

Section 271FAA: [ Penalty for furnishing inaccurate statement of financial transaction or reportable account. [Inserted by 25 of 2014, section 71, (w.e.f. 1-4-2015).]

The Income-tax Act, 1961

[ Penalty for furnishing inaccurate statement of financial transaction or reportable account. [Inserted by 25 of 2014, section 71, (w.e.f. 1-4-2015).]

- If a person referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement under that section, provides inaccurate information in the statement, and where -

(a)

the inaccuracy is due to a failure to comply with the due diligence requirement prescribed under sub-section (7) of section 285BA or is deliberate on the part of that person; or

(b)

the person knows of the inaccuracy at the time of furnishing the statement of financial transaction or reportable account, but does not inform the prescribed income-tax authority or such other authority or agency; or

(c)

the person discovers the inaccuracy after the statement of financial transaction or reportable account is furnished and fails to inform and furnish correct information within the time specified under sub-section (6) of section 285BA,

then, the prescribed income-tax authority may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupees.]

Sec 271FA — [ Penalty for failure to furnish [statement of financial transaction or reportable account] [Substituted by Act 17 of 2013, section 58, for section 271FA (w.e.f. 1-4-2014).]

Sec 271FAB — [ Penalty for failure to furnish statement or information or document by an eligible investment fund. [Inserted by Finance Act, 2015 (No. 20 of 2015), dated 14.5.2015.]

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