Section 271FAA of ITA, 1961 : Section 271Faa: Penalty For Furnishing Inaccurate Statement Of Financial Transaction Or Reportable Account
ITA, 1961
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Explanation using Example
Imagine a bank, XYZ Bank Ltd., which falls under the category of 'reporting financial institution' as per clause (k) of sub-section (1) of section 285BA of the Income-tax Act, 1961. The bank is required to furnish annual statements of financial transactions to the Income Tax Department, detailing significant financial transactions by its customers.
In a given year, XYZ Bank Ltd. inadvertently fails to include information about a series of ...
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