Income-tax Act, 2025 · CHAPTER XIX — Collection and recovery of tax

Section 427Fee for default in furnishing statements

Income-tax Act, 2025 (30 of 2025)

(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).

This section refers to

§ 397 Compliance and reporting

Referenced by

§ 239(3)

§ 399(1)

§ 399(1)(c)

§ 399(1)(d)(ii)