Penalty leviable under section 271FA

Ritik Chopra (student) (8123 Points)

05 May 2021  

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?