When penalty under Section 271GB(4) may be imposed?

Ans. Penalty under Section 271GB(4) may be imposed if a reporting entity provides inaccurate information in the report furnished and:

​a. The entity has knowledge of the inaccuracy at the time of furnishing the report but fails to inform the Director-General of Income-tax;

b. The entity discovers the inaccuracy after the report is furnished but fails to inform the Director-General and fails to furnish a correct report within 15 days of such discovery; or

c. The entity furnishes inaccurate information or document in response to the notice issued.​