26 October 2013
The person liable to furnish the said return shall pay to the credit of the Central Government, for the period of delay of: (i) fifteen days from the date prescribed for submission of such return, an amount of Rs500;
(ii) beyond fifteen days, but not later than thirty days from the date prescribed for submission of such return, an amount of Rs1,000; and
(iii) beyond thirty days from the date prescribed for submission of such return an amount of Rs1,000 plus Rs100 for every day from the 31st day till the date of furnishing the said return:
Provided that the total amount payable in terms of this rule, for delayed submission of return, shall not exceed the amount specified in Section 70 of the Act:
Provided further that where the assessee has paid the amount as prescribed under this rule for delayed submission of return, the proceedings, if any, in case of such delayed submission of return shall be deemed to be concluded.
The maximum penalty was Rs2,000, instead of Rs20,000 which is now prescribed.
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