(1)If any reporting entity referred to in section 511, required to furnish the report referred to in sub-section (2) of the said section, for a reporting accounting year, fails to do so, the prescribed authority under that section may impose on such entity, a penalty of—(a)₹5000 for every day for which the failure continues, if the period of failure does not exceed one month;(b)₹15000 for every day for which the failure continues beyond the period of one month.
