Clause 427 - Fee for default in furnishing statements. - Income Tax Bill, 2025

F. LEVY OF FEE IN CERTAIN CASES Fee for default in furnishing statements. 427. (1) Without prejudice to the provisions of this Act, where a person fails to deliver or cause to be delivered a statement within the time prescribed in section 393(3)(b), he shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues. (2) The amount of fee referred to in sub-section (1) shall, (a) not exceed the amount of tax deductible or collectible; and (b) be paid before delivering or causing to be delivered the statement, as per sub-section (1).