271FA. [ Penalty for failure to furnish [statement of financial transaction or reportable account] [Substituted by Act 17 of 2013, section 58, for section 271FA (w.e.f. 1-4-2014).].
- If a person who is required to furnish [a statement of financial transaction or reportable account] [Substituted by Act 25 of 2014, section 70, for 'annual information return' (w.e.f. 1-4-2015).] under sub-section (1) of section 285BA, fails to furnish such [statement] [Substituted by Act 25 of 2014, section 70, 'return' (w.e.f. 1-4-2015).] 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 [five hundred rupees] [Substituted 'one hundred rupees' by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.] for every day during which such failure continues:Provided that where such person fails to furnish the [statement] [Substituted by Act 25 of 2014, section 70, 'return' (w.e.f. 1-4-2015).] within the period specified in the notice issued under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of [one hundred rupees] [Substituted 'five hundred rupees' by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.] for every day during which the failure continues, beginning from the day immediately following the day on which the time specified in such notice for furnishing the [statement] [Substituted by Act 25 of 2014, section 70, 'return' (w.e.f. 1-4-2015).] expires.]
