Now, As per Section71 (C) of the Finance Bill 2011 proposed vide Union Budget on February 28, 2011; ‘in Section 70 (1) of the Finance Act, 1994, for the words “two thousand rupees”, the words “twenty thousand rupees” shall be substituted’.
But wat about the returns not fille for the earlier years..
E.g. returns are not for the F.Y. year 2009-10 and 2010-11, when the maximum penalty for non filling of return was 2,000/-
Now assessee wants to file all the returns with penalty.
What will be the maximum penalty?2,000/- or20,000/-
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