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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Penalty for Late Submission Under Section 505: Daily Fines Up to 1,000 Rupees, Heavier Penalties After Three Months.</h1> If an individual fails to submit a required statement under section 505 within the prescribed period, the Assessing Officer may impose a penalty. The penalty is one thousand rupees per day for each day the failure continues, if it does not exceed three months. If the failure exceeds three months, a penalty of one lakh rupees may be imposed.
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