19 May 2011
Penalty is leviable. However, the department is not yet too stringent about the matter. So in case you get any notice regarding the same you just represent the department with the reasons for delay. The department will grant you relief.
19 May 2011
Yes there is a penalty clause of Rs. 100 for every day during which the failure continues shall subject to the maximum of TDS amount. But as stated by Amol ji department is not yet strict in this regard. So just wait and watch and yes try to file the returns in time to avoid such troubles.
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