25 October 2019
If any person fails to furnish the information and the document as required under sub-section (4) of section 92D, the prescribed income-tax authority referred to in the said sub-section may direct that such person shall pay, by way of penalty, a sum of 5 lakh.
Where a reporting entity referred to in section 286 provides inaccurate information in the report furnished in accordance with sub-section (2) of the said section and where—
(a) the entity has knowledge of the inaccuracy at the time of furnishing the report but fails to inform the prescribed authority; or
(b) the entity discovers the inaccuracy after the report is furnished and fails to inform the prescribed authority and furnish correct report within a period of fifteen days of such discovery; or
(c) the entity furnishes inaccurate information or document in response to the notice issued under sub-section (6) of section 286,
then, the prescribed authority may direct that such person shall pay, by way of penalty, a sum of 5 lakhs.