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penalty query

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(Querist)
19 September 2016 how penalty under sec 271FA calculated under income tax act? please clarify this with an example?
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Amol S Joglekar

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Amol S Joglekar (Expert)
19 September 2016 say for example .. a stock broker gets a notice from Income Tax Dept asking for giving the details of transactions done by his client say MR XYZ, within say 30 days, If the broker does furnish the details, a penalty of INR100 shall be charged.... this is for reportable account.
For financial transaction the penalty is INR500 per day
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