Our assurance services include Statutory audit, Tax audit and Special audits. We carry out audit of financial statements prepared in accor
271FAA. Penalty for furnishing inaccurate statement of financial transaction or reportable account. — If a person referred to in 22[***] 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. |