Penalty for failure to furnish report or for furnishing inaccurate report under section 511

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....e said section, for a reporting accounting year, fails to do so, the prescribed authority under that section may impose on such entity, a penalty of- (a) Rs.5000 for every day for which the failure continues, if the period of failure does not exceed one month; (b) Rs.15000 for every day for which the failure continues beyond the period of one month. (2) If any reporting entity....

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....er. (4) If a reporting entity referred to in section 511 provides inaccurate information in the report furnished under sub-section (2) of the said section, the prescribed authority under that section may impose on such entity, a penalty of Rs.500000, if- (a) the entity has knowledge of the inaccuracy at the time of furnishing the report but fails to inform the prescribed authority; or ....