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<h1>Penalty Imposed for Inaccurate Reporting Under Section 271GB(4) of Income Tax Act; Correct Errors Within 15 Days to Avoid Fines.</h1> Penalty under Section 271GB(4) of the Income Tax Act may be imposed on a reporting entity if it provides inaccurate information in its report. This applies if the entity knows about the inaccuracy at the time of submission and fails to inform the Director-General of Income-tax, discovers the inaccuracy after submission and does not inform the Director-General or correct the report within 15 days, or submits inaccurate information or documents in response to a notice.
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