Fee for default in furnishing return of income prescribes graded fee with a cap for low income filers.

A new provision imposes a graded fee on persons who fail to furnish a return of income within the prescribed time: a lower fee if filed by the last day of December of the assessment year and a higher fee otherwise, subject to a proviso capping the fee where the person's total income does not exceed a specified threshold. The provision applies to returns for assessment years commencing on or after the amendment's operative date and operates without prejudice to other provisions.

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