Section 271FA of ITA, 1961 : Section 271Fa: Penalty For Failure To Furnish Statement Of Financial Transaction Or Reportable Income
ITA, 1961
JavaScript did not load properly
Some content might be missing or broken. Please try disabling content blockers or use a different browser like Chrome, Safari or Firefox.
Explanation using Example
Imagine a bank, "XYZ Bank", which conducts a large number of high-value transactions. According to the Income-tax Act, the bank is required to submit a statement of these transactions to the income-tax authorities by May 31st each year. However, this year, XYZ Bank fails to submit this statement by the due da...
Login to access all pages and read more content.
To disable ads and read rest of the premium content, subscribe to KanoonGPT Pro.
Update: Discover how KanoonGPT revolutionizes legal research! Watch our demo video on the homepage to see how you can chat with various legal sections using our innovative hybrid AI search. Enjoy free unlimited AI access for a limited time!
Update: Our AI tools are cooking — and they are almost ready to serve! Stay hungry — your invite to the table is coming soon.
Download Digital Bare Acts on mobile or tablet with "Kanoon Library" app
