Penalty for Failure to Furnish SFT or Reportable Account
Nature of Default
The penalty shall be imposed for non-filing of SFT or Reportable Account under Section 285BA by the due date.
Quantum of Penalty
- The Director or Joint Director of Income-tax (Intelligence and Criminal Investigation) may impose a penalty of Rs. 500 per day during which such failure continues.
- If a person fails to furnish the statement within the due date, the tax authorities may issue a notice to file the statement within a specified time. If such person fails to file the statement within the specified time limit, a higher penalty of ₹1,000 per day applies from the day immediately following the day on which the time specified in the notice expires.
- Penalty shall not be levied if the assessee proves reasonable cause for the failure.