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of <h1>Section 271GB Penalties: Daily Fines for Late or Inaccurate Income-Tax Reports; Severe Penalties for Non-Compliance.</h1> Section 271GB, introduced by the Finance Act of 2016, outlines penalties for reporting entities that fail to furnish or furnish inaccurate reports under section 286 of the Income-tax Act. Entities failing to submit required reports face penalties of 5,000 rupees per day, increasing to 15,000 rupees per day after one month. Continued non-compliance after a penalty order incurs a 50,000 rupees daily penalty. Inaccurate reporting attracts a penalty of 500,000 rupees if the entity knew of inaccuracies, failed to correct them within 15 days of discovery, or provided incorrect information in response to a notice.
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