Section 271FA - Penalty for failure to furnish statement of financial transaction or reportable account - Income-tax Act, 1961

2 [ 271FA. Penalty for failure to furnish 3 [statement of financial transaction or reportable account] .- If a person who is required to furnish 4 [a statement of financial transaction or reportable account] under subsection (1) of section 285BA, fails to furnish such 5 [statement] within the time prescribed under sub-section (2) thereof, the income-tax authority prescribed under said sub-section (1) may direct that such person shall pay, by way of penalty, a sum of 8 [five hundred rupees] for every day during which such failure continues: Provided that where such person fails to furnish the 6 [statement] within the period specified in the notice issued under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of 9 [one thousand rupees] for every day during which the failure continues, beginning from the day immediately following the day on which the time specified in such notice for furnishing the 7 [statement] expires.] ******************** Notes :- 1. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. 2. Substituted vide Finance Act 2013, w.e.f. 1st day of April, 2014 , before it was read as: 1 [Penalty for failure to furnish annual information return. 271FA. If a person who is required to furnish an annual information return, as required under sub-section (1) of section 285BA, fails to furnish such return within the time prescribed under that sub-section, the income-tax authority prescribed under the said sub-section may direct that such person shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.] 3. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 , before it was read as, annual information return 4. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 , before it was read as, an annual information return 5. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 , before it was read as, return . 6. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 , before it was read as, return . 7. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 , before it was read as, return . 8. Substituted vide THE FINANCE ACT, 2018 , before it was read as, one hundred rupees 9. Substituted vide THE FINANCE ACT, 2018 , before it was read as, five hundred rupees