In case of non-submission of income tax return within the stipulated time , 10% or at least Rs . , Whichever is more , the Deputy Commissioner of Taxes may impose a fine. Provided that- (1) The total penalty to be levied on any new person-taxpayer , whose income has never been taxed before , as per sub-section 124 (1) , shall not exceed Rs. 5,000 / - ; ( 2) In the case of a new individual-taxpayer whose income has already been taxed under sub-section 124 (1) , the amount of such penalty in case of an old person-taxpayer is 50% of the tax levied on his last assessed income or Rs.1,000 / - , Whichever is more , the penalty will be levied