Section Text
If any person who is required under this
Act or any rules or regulations made thereunder to--
(a) furnish any document, return or report to the Controller or the Certifying Authority fails to
furnish the same, he shall be liable to a penalty not exceeding 1[fifteen lakh] rupees for each such
failure;
(b) 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 a penalty not exceeding 2[fifty thousand] rupees for every day
during which such failure continues;
(c) maintain books of account or records, fails to maintain the same, he shall be liable to a penalty
not exceeding 3[one lakh] rupees for every day during which the failure continues.
1. Subs. by Act 18 of 2023, s. 2 and Schedule, for "one lakh and fifty thousand" (w.e.f. 30-11-2023).
2. Subs. by ibid., s. 2 and Schedule, for "five thousand" (w.e.f. 30-11-2023).