Section 271FA. Penalty for failure to furnish

3[ 271FA. Penalty for failure to furnish 4[ statement of financial transaction or reportable account]. —If a person who is required to furnish[5] [a statement of financial transaction or reportable account] under sub-section (1) of section 285BA, fails to furnish such[6] [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[7] [five hundred rupees] for every day during which such failure continues: Provided that where such person fails to furnish the[6] [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[8] [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[6] [statement] expires.] 9[ 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.] 10[ 271FAB. Penalty for failure to furnish statement or information or document by an eligible investment fund. —If any eligible investment fund which is required to furnish a statement or any information or document, as required under sub-section (5) of section 9A fails to furnish such statement or information or document within the time prescribed under that sub-section, the income-tax authority prescribed under the said sub-section may direct that such fund shall pay, by way of penalty, a sum of five hundred thousand rupees.]