Section 271FAA | Section 271FAA of the Income Tax Act deals with the penalty for late filing or non-filing of the statement of financial transactions or reportable accounts. It imposes a penalty on entities or individuals who fail to furnish the required information or file the necessary statements within the specified timeframe. The section outlines the amount of penalty and provides guidelines on the process of imposing and waiving the penalty. Understanding Section 271FAA is important for businesses and individuals who are required to file financial transaction statements or reportable accounts to ensure compliance with the Income Tax Act and avoid penalties. This description provides an overview of Section 271FAA and its implications for the late or non-filing of financial transaction statements.

Statement of Financial Transaction (Due date 30th June, 2020)

Income Tax - Article explains about Furnishing of Statement of Financial Transaction [Rule 114E], Non Furnishing/Defective Furnishing of SFT (Section 285BA) , Opportunity by Income Tax Authority to rectify defect, Notice in case of non-furnishing of SFT, Opportunity to rectify defect within 10 days, Penalty for failure to furnish statement of fina...

Penalty for providing inaccurate statement of financial transaction or reportable account- Section 271FAA

Income Tax - The provisions of section 271FAA of the Income Tax Act applies in case the specified person furnishes inaccurate statement of the financial transactions / reportable account as prescribed under section 285BA of the Income Tax Act. The provision of section 285BA mandates the specified person to furnish the statement of financial transactio...

View More Section 271FAA Articles

Sorry No Post Found