22 July 2013
DEAR EXPERTS OUR COMPANY HAS NOT FILLED ANY RETURN FOR FY 2012-13. NOW DESIRE TO FILE. WHAT IS PROCEDURE TO WAIVE PENALTY ON LATE FILLING AND HOW MANY PENALTY WE HAVE TO DEPOSIT .BEFORE THIS PERIOD IT HAS FILED RETURN REGULAR.
22 July 2013
Section 77 charges penalty on non-filing of returns maximum up to Rs. 20,000/-.
This provision was amended from penalty of Rs. 2,000/- to Rs. 20,000/- for a half yearly return or Quarterly return. There are discretionary power to the Superintendent to waive penalty on genuine grounds but the department will not use it. The penalty is applicable to NIL return also.
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