{"act":{"id":"finance-act-2014","short_title":"The Finance Act, 2014","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2014-2015.","act_number":"25","act_year":2014,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":129,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2014/"},"unit":"section","section":{"number":"71","heading":"Insertion of new section 271FAA","text":"Insertion of new section 271FAA. 71. After section 271FA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2015, namely:— \"271FAA. Penalty for furnishing inaccurate statement of financial transaction or reportable account.— If a person referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement under that section, provides inaccurate information in the statement, and where— (a) | the inaccuracy is due to a failure to comply with the due diligence requirement prescribed under sub-section (7) of section 285BA or is deliberate on the part of that person; or (b) | the person knows of the inaccuracy at the time of furnishing the statement of financial transaction or reportable account, but does not inform the prescribed income-tax authority or such other authority or agency; or (c) | the person discovers the inaccuracy after the statement of financial transaction or reportable account is furnished and fails to inform and furnish correct information within the time specified under sub-section (6) of section 285BA, then, the prescribed income-tax authority may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupees.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Insertion of new section 271FAA.</b></p><p><b>71.</b> After section 271FA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2015, namely:—</p><p>\"271FAA. <i>Penalty for furnishing inaccurate statement of financial transaction or reportable account.</i>— If a person referred to in clause (<i>k</i>) of sub-section (1) of section 285BA, who is required to furnish a statement under that section, provides inaccurate information in the statement, and where—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>the inaccuracy is due to a failure to comply with the due diligence requirement prescribed under sub-section (7) of section 285BA or is deliberate on the part of that person; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the person knows of the inaccuracy at the time of furnishing the statement of financial transaction or reportable account, but does not inform the prescribed income-tax authority or such other authority or agency; or</td></tr><tr><td>(<i>c</i>)</td><td></td><td>the person discovers the inaccuracy after the statement of financial transaction or reportable account is furnished and fails to inform and furnish correct information within the time specified under sub-section (6) of section 285BA,</td></tr></table></div><p>then, the prescribed income-tax authority may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupees.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":206,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2014/section/71/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}