Payments – Penalty where tax has been collected by the registered person but not deposited with the Government [Section 73 (9&11)] :
Penalty shall be payable where any amount of self-assessed tax orany amount collected as tax has not been paid within a period ofthirty days from the due date of payment of such tax.
The amount of tax, interest and a penalty shall be equivalent to ten per cent. of tax or ten thousand rupees, whichever is higher, due from the person chargeable to pay tax.