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?
Menu
Penalty leviable under section 271FA
Replies (2)
Quick Summary
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
Due date 31st May
Delay from Jun to Oct. 153 Days @ 500/- = 76500
Delay (Beyond Notice due date) 15 days @ 1000/-= 15000
Total Penalty 91500/-
Recent Topics :
- MR AASHOK KUMAR SHARMA
- NIC codes for FIRMS registration of entity
- Register on Income Tax as CA
- Deduction In Employee Provident Fund
- This is a gift for all Chartered Accountants and P
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Wallet query for GST.
- 25-26 exempted sales
- Hotel stay below Rs.1000/- GST applicable or exemp
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
Related Topics :
CAclubindia
