Amendment status not verified — confirm the current text below against the official source.
In section 271FAA of the Income-tax Act, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of October, 2024, namely:-- "(1) If a person referred to in sub-section (1) of section 285BA, who is required to furnish a statement under that section,-- (a) provides inaccurate information in the statement or fails to furnish correct information within the period specified under sub-section (6) of the said section; or (b) fails to comply with the due diligence requirement prescribed under sub-section (7) of the said section, then, the prescribed income-tax authority referred to in sub-section (1) thereof may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupees.".