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of <h1>Entities face steep penalties under Income Tax Bill 2025 for failing to comply with section 511 reporting requirements.</h1> Under the Income Tax Bill, 2025, penalties are imposed on entities failing to furnish or providing inaccurate reports as required by section 511. If an entity fails to submit the report, a penalty of 5,000 rupees per day is imposed for up to one month, increasing to 15,000 rupees per day thereafter. Failure to provide information within the allowed period incurs a penalty of 5,000 rupees per day. If non-compliance persists post-penalty order, the penalty rises to 50,000 rupees per day. Providing inaccurate information knowingly, or failing to correct it, results in a penalty of 500,000 rupees.
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