Section 271FA: Penalty for failure to furnish statement of financial transaction or reportable account

The Income-tax Act, 1961Central Act · Act 43 of 1961

Repealed. This text is published for reference. It is not in force, and it should not be relied on as current law without checking what replaced it. Repealed by the Income-tax Act, 2025, with effect from 1 April 2026

Penalty for failure to furnish statement of financial transaction or reportable account.

If a person who is required to furnish a statement of financial transaction or reportable account under sub-section (1) of section 285BA, fails to furnish such statement 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 for every day during which such failure continues:

Provided that where such person fails to furnish the statement 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 thousand rupees 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 expires.

Where this provision sits

Act	The Income-tax Act, 1961
Section	271FA
Marginal note	Penalty for failure to furnish statement of financial transaction or reportable account
Jurisdiction	Central
Status	Repealed

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