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of <h1>Eligible investment fund faces Rs.500,000 penalty for late required filings under section 9(12)(e)/9A(5) and Schedule I</h1> An eligible investment fund that fails to furnish a required statement, information or document within the prescribed time may be directed by the prescribed income-tax authority to pay a fixed penalty of Rs.500,000; the Act and Bill differ only in the cross-reference that attaches the duty-one links to paragraph 4 of Schedule I, the other to section 9(12)(e)/9A(5)-which may affect which entities, timelines and authority are implicated. The sanction is discretionary under the provision, with no stated exceptions, mitigation procedures or procedural safeguards in the excerpt.
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