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<h1>Penalty of ₹100,000 for not submitting accountant's report under Section 92E of Income Tax Act, 1961</h1> A penalty of one hundred thousand rupees is imposed on any person who fails to furnish a report from an accountant as required under section 92E of the Income Tax Act, 1961. The Assessing Officer has the authority to direct the payment of this penalty. This provision was inserted by the Finance Act, 2001, effective from April 1, 2002.