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how to reduce the penality of tds of non filling in time

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(Querist)
04 January 2011 dear sir,
i have a problem that one bank has duducted tds. but tds return are not filling for 2007-08,2008-09,2009-10and 1st & 2nd qtr of 2010-2011.and the bank should received notice under section 201(10of i.t act 1961. i know that penalty should be 1.5% and rs-100 per day. but i wanted to know that what is the procedure to save this penalty amount or to waive this penalty . i am very thankful of you, if u give me suggestion as early as possible.
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Hitender Gaur

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Hitender Gaur (Expert)
06 January 2011 Pay the Int. and panelty as per law.
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