Penalty for failure to file annual return increased, imposing initial and daily continuing penalties with a capped maximum liability. The amendment makes a company and every officer in default liable to a primary penalty of fifty thousand rupees for failing to file the annual return within the specified period, and to a continuing penalty of one hundred rupees per day after the first day of default, subject to a maximum of five lakh rupees.
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Penalty for failure to file annual return increased, imposing initial and daily continuing penalties with a capped maximum liability.
The amendment makes a company and every officer in default liable to a primary penalty of fifty thousand rupees for failing to file the annual return within the specified period, and to a continuing penalty of one hundred rupees per day after the first day of default, subject to a maximum of five lakh rupees.
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