FA 2011 has amended Section 70 to increase maximum penalty for late filing of ST return from 2,000 to 20,000. FA 2011 has been made effective from 1st may 2011.
Now my query is whether it will be applicable for filing return of FY 2010-11 also or for F.Y. 2011-12 onwards.
In my view it should be applicable for FY 2010-11 also.
CAclubindia
