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penalty

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amit rastogi (Querist)
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27 May 2011 sir if an assessee has not filed the return for the financial year 09-10& 10-11 whether the assessee is liable to pay penalty of Rs.20000 each half year or Rs.1000+100 per day beyond 30 days till the last date of filing subject to maximum Rs.20,000.. beacause it is effected from 1.04.2011.

if we took another view ie. return file beyond 30 days from the prescribe date which is 25/04/2010 then he is undoubtedly liable to Rs 20,000 as penalty.
now my question is whether penalty will be 2000 for the fin.year 09-10 or Rs.20,000
Kindly suggest me in this regard.
thanks

U S Sharma

U S Sharma (Expert)
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27 May 2011 if the return is NIL, i e no tax is payable then no penalty, but if the tax is payable then penalty can not be avoided, however the Range officer has power to waive or reduce the panalty on genuine grounds.

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