Where a dealer furnishes the return after the prescribed time, he shall pay a late fee per day,-

(i) rupees twenty subject to a maximum of rupees one thousand, if there is no turnover or no taxable turnover of the dealer during the period under return; and

(ii) 0.05% of the net tax payable for the period under return, subject to a minimum of rupees 50 per day and a maximum of rupees 500 per day, however, the amount of total late fee shall not exceed 10% of net tax payable for the period under return, subject to a maximum of rupees twenty five thousand, in all other cases.