02 March 2013
Yes, person shall be liable to pay, by way of fee Rs.200 for everyday during which the failure continues. This fee can not exceed the amount of tax which was deducted at source. This is mandatory and should be paid before submitting the returns.
Apart from this, the person is liable to pay a penalty of Rs.10000 to 100000(at the discretion of IT department). But this panalty is not levied if returns are submitted within one year from the time prescribed.
Filling NIL statement is not mandatory but return for 4t quarter is mandatory if return of any previous three quarter has been submitted.
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