Nil, there is no default for not/late filling of wealth tax returns as you can file at the end date of any quarter.

Yes, penal interest at the rate of 1% every month or part of the month of delay is chargeable for Non/Late filling of Return.

Yes, penal interest at the rate of 2% per month of the part of the month of delay is chargeable for Non/Late filling of return.

Nil, there is no default for not/late of wealth tax returns as the Wealth tax is deducted at source.