Fee for default in furnishing statements.
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 397(3)(b), he shall be liable to pay, by way of fee, a sum of ₹ 200 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). |