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1[15A. Penalty for failure to furnish information, return, etc-- If any person, who is required under
this Act or any rules or regulations made thereunder,---
(a) to furnish any document, return or report to the Board, fails to furnish the same, 2[or who
furnishes or files false, incorrect or incomplete information, return, report, books or other documents] he shall be liable to 3[a penalty 4[which shall not be less than one lakh rupees but which may extend to one lakh
rupees for each day during which such failure continues subject to a maximum of one crore rupees;]]
(b) to file any return or furnish any information, books or other documents within the time
specified therefor in the regulations, fails to file return or furnish the same within the time specified
therefor in the regulations, he shall be liable to 5[a penalty 3[which shall not be less than one lakh
rupees but which may extend to one lakh rupees for each day during which such failure continues
subject to a maximum of one crore rupees;]]
(c) to maintain books of account or records, fails to maintain the same, he shall be liable to 6[a penalty 3[which shall not be less than one lakh rupees but which may extend to one lakh rupees for
each day during which such failure continues subject to a maximum of one crore rupees.]]
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1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995).
2. Ins. by Act 13 of 2018, s. 181 (w.e.f. 8-3-2019).
3. Subs. by Act 59 of 2002, s. 9, for "a penalty not exceeding one lakh and fifty thousand rupees for each such failure" (w.e.f. 29-10-2002).
4. Subs. by Act 27 of 2014, s. 6, for certain words (w.e.f. 8-9-2014).
5. Subs. by Act 59 of 2002, s. 9, for "a penalty not exceeding five thousand rupees for every day during which such failure continues" (w.e.f. 29-10-2002).
6. Subs. by s. 9, ibid., for "a penalty not exceeding ten thousand rupees for every day during which such failure continues" (w.e.f. 29-10-2002).