Fee for default in furnishing return of income

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..... ion (1) of the said section, he shall pay, by way of a fee, a sum of five thousand rupees: Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees. ] (2) The provisions of this section shall apply in respect of return of income required to be furnished for the assessment year commencing on or .....

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