Penalty

Where the landholder fails to deposit tax on or before the day on which tax becomes due or, in case he opts for instalments, on or before the date on which an instalment becomes due or does not file a return or revised return on or before the day on which such return becomes due or files incomplete or incorrect return, he shall be liable to pay by way of penalty,-

1. (i) in case of default in payment of tax, an amount equal to two percent per month on the amount of tax due but the amount of penalty shall not exceed two times the amount of tax due;
2. (ii) in case of default in filing of return, fifty rupees per day of default but the amount of penalty shall not exceed fifty thousand rupees;
3. (iii) in case of incomplete or incorrect return, twenty five thousand rupees.