Fee for default in furnishing statements

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.

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).