Penalty leviable under section 271FA

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Ritik Chopra

student

8138 Points Joined October 2017

A private bank has not filed its statement of financial transaction or reportable account in relation to the specified financial transactions for the financial year 2020-21. A notice was issued by the prescribed income-tax authority on 1st October, 2021 requiring the bank to furnish the statement by 31st October, 2021. The bank, however, furnished the statement only on 15th November, 2021. What would be the penalty leviable under section 271FA?

Replies (2)

Sandeep shetty

Sr Accountant

292 Points Joined January 2015

1. Failure in furnishing the statement of financial transaction / reportable account as required under section 285BA (1) within the time limit prescribed under section 285BA (2).-------------------------INR 500 per day till the failure continues

2.Failure in furnishing the statement of financial transaction / reportable account within the period specified in the notice issued under section 285BA (5).-----------------------------------INR 1000 per day till the failure continues