(1)The prescribed income-tax authority referred to in section 508 may direct that a person required to furnish a statement under sub-section (1) of the said section shall pay penalty of ₹50000, if such person—(a)provides inaccurate information in the statement or fails to furnish correct information within the period specified under section 508(8); or(b)fails to comply with the due diligence requirement under section 508(9).
