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<h1>Penalty of ₹10,000 to ₹1,00,000 for late submission under Income Tax Act sections on research and charitable reports</h1> An assessing officer may impose a penalty ranging from ten thousand to one lakh rupees on certain research associations, universities, colleges, institutions, companies, or funds if they fail to submit required statements or certificates within the prescribed time under specified provisions of the Income Tax Act. This penalty applies specifically to entities obligated under sections related to scientific research and charitable contributions, ensuring timely compliance with reporting requirements.