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Penalty for failure to file return or annual statement

54.    If a person registered under this Act or any other person required to furnish return or annual statement without sufficient cause -

(a)       fails to furnish any return or annual statement by the prescribed date; or

(b)       fails to furnish along-with the return or annual statement, the proof of payment of tax in accordance with the provisions of this Act; or

(c)       fails to rectify any error or omission in any return or annual statement in accordance with the provisions of this Act; or

(d)       fails to comply with the requirements of any notice issued under this Act,

the Commissioner or the designated officer, may, direct him to pay in addition to tax, interest and penalty under any other provisions of this Act, a further penalty of a sum of rupees one hundred, per day of default, subject to  the maximum of rupees ten thousand.