Penalty revisions for failure to declare impose fixed and daily fines, and permit government exemptions subject to conditions.

Amendment revises liabilities under section 89: failure to declare attracts an initial penalty and a continuing daily penalty subject to a maximum cap; company and officers in default incur daily penalties for failure to file returns with separate maximum caps; and the Central Government may, by notification, exempt classes of persons from compliance with the section (except subsection (10)), either unconditionally or subject to conditions, in the public interest.

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