19A. Late fee

where a dealer furnishes the return after the prescribed time , he shall pay a late fee of –

(i) rupees one hundred per day for a period of first fifteen days and rupees five hundred per day thereafter, subject to a maximum of rupees fifty thousand or thirty percent of the tax assessed whichever is lower, in case he required to pay tax for each month or part thereof under section 20 of the Act; and

(ii) rupees fifty per day subject to maximum of rupees five thousand, in all other cases.”