18 February 2013
Penalty for "late application" for enrolment/registration [Sec. 5(5)]
The prescribed authority may impose penalty of ` 5 for each day of delay in case of an employer for registration and of ` 2 for each day of delay in case of any person for enrolment, after giving a reasonable opportunity of hearing.
Penalty for giving "false information in any application" for enrolment/registration [Sec. 5(6)]
The authority may impose penalty equal to 3 times the tax payable under the Act, after giving hearing opportunity. (Up to 30.4.2002, penalty was restricted to ` 1,000/-).
Penalty for "late filling of returns" by Employer [Sec. 6(3)]
The authority may impose penalty of ` 300 per return.
Penalty for "Non-payment or late payment of tax." by Enrollee/Employer (Sec. 10)
The authority may impose a penalty equal to 10% of the tax due.
Interest on late payment of tax. (Sec. 9)
The interest for late payment of tax or any additional demand of tax raised in assessment is 1.25% p.m. with effect from 1-7-2004 (2% p.m. up to 30-6-2004.)
Interest on refund of excess payment of tax (Sec. 19A)
If any refund is due from any order in respect of period 1.4.2004 and onwards then interest on refund @ 6% p.a. is receivable by such person entitled to refund, for maximum 18 months.
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