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of <h1>Penalties under Section 286 for Late or Inaccurate Reporting Range from ₹5,000 to ₹5 Lakh Daily</h1> A reporting entity required to furnish a report under section 286 must pay a penalty for failure to do so: five thousand rupees per day for up to one month, and fifteen thousand rupees per day thereafter. Failure to produce required information or documents within the allowed period incurs a penalty of five thousand rupees per day. If non-compliance continues after a penalty order, the daily penalty increases to fifty thousand rupees. Providing inaccurate information knowingly, failing to correct discovered inaccuracies within fifteen days, or furnishing inaccurate responses to notices results in a penalty of five lakh rupees. These penalties are imposed by the prescribed authority under the Income-tax Act, 1961.
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