Penalty for failure to furnish statement of financial transaction or reportable account

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..... tion 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 specif .....

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..... ority 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, 201 .....

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