Section 456: penalty for failure to furnish statement or information or document by an eligible investment fund

What Section 456 says

"If any eligible investment fund required to furnish a statement or any information or document under paragraph 4 of Schedule I, fails to do so within the time prescribed under the said paragraph, the income-tax authority prescribed under the said paragraph may direct that such fund shall pay, by way of penalty, a sum of ₹5,00,000."

Who this applies to

This penalty is specific to an "eligible investment fund" that has a reporting obligation under paragraph 4 of Schedule I of the Act - if the fund misses the prescribed deadline for furnishing the required statement, information or document, the prescribed income-tax authority can direct it to pay ₹5,00,000 as a penalty.

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