¹[124. (1) Where any person has, without reasonable cause, failed to file a return of income required by or ²[under sections 75, 77, 89, 91 or 93], the Deputy Commissioner of Taxes may impose upon such person a penalty amounting to ten per cent of tax imposed on last assessed income subject to a minimum of ³[taka one thousand], and in the case of a continuing default a further penalty of ⁴[taka fifty] for every day during which the default continues ⁵[ :

Provided that such penalty shall not exceed-

(a) in case of an assessee, being an individual, whose income was not assessed previously five thousand taka;

(b in case of an assessee, being an individual, whose income was assessed previously, fifty per cent (50%) of the tax payable on the last assessed income or taka one thousand, whichever is higher.]

⁶[⁷[(2) Where any person has, without reasonable cause, failed to file or furnish any return, certificate, statement or information required under sections 58, 75A, 103A, 108, 108A, 109, or 110, the Deputy Commissioner of Taxes may impose upon such person-

where the return, statement or information under sections 75A, 108 or 108A has not been filed or furnished, a penalty amounting to ten per cent of tax imposed on last assessed income or five thousand taka, whichever is higher, and in the case of a continuing default, a further penalty of one thousand taka for every month or fraction thereof during which the default continues;

(b) in other cases of non-compliance, a penalty amounting to five thousand taka, and in the case of a continuing default, a further penalty of one thousand taka for every month or fraction thereof during which the default continues.]

(3) Where any person has, without any reasonable cause, failed to furnish information as required under section 113, the income tax authority requiring the information under section 113 may impose a penalty of twenty five thousand taka and in case of a continuing default a further penalty of five hundred taka for each day.]