Penalty for failure to furnish report or for furnishing inaccurate report under section 511

If any reporting entity referred to in section 511, required to furnish the report referred to in sub-section (2) of the said section, for a reporting accounting year, fails to do so, the prescribed authority under that section may impose on such entity, a penalty of— (a) five thousand rupees for every day for which the failure continues, if the period of failure does not exceed one month; or (b) fifteen thousand rupees for every day for which the failure continues beyond the period of one month.

If a reporting entity referred to in section 511 fails to produce the information and documents within the period allowed under sub-section (7) of the said section, the prescribed authority under that section may impose on such entity, a penalty of five thousand rupees for every day during which the failure continues, beginning from the day immediately following the day on which the period for furnishing the information and document expires.

If the failure referred to in sub-section (1) or (2) continues after an order imposing a penalty under the said sub-sections, has been served on the entity, then, irrespective of the provisions of the said sub-sections, the prescribed authority may impose penalty of fifty thousand rupees for every day for which such failure continues starting from the date of service of such order.