Penalty for failure to furnish statement of financial transaction or reportable account.271FA.
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 49[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 50[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.