ABC Bank Limited, a private bank in India has not filed its statement of financial transaction or reportable account in relation to the specified…

ABC Bank Limited, a private bank in India has not filed its statement of financial transaction or reportable account in relation to the specified financial transaction for the financial year 2023-24 as required under section 285BA. A notice was issued by the prescribed income-tax authority on 1st September, 2024 requiring the bank to furnish the statement by 30th September, 2024. The bank, however, furnished the statement on 10th October, 2024. Calculate the penalty leviable on bank under the provision of section 271FA of the Income-tax Act 1961, assuming that bank fails to provide any sufficient cause for delay.