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Section 427

Fee for default in furnishing statements

(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).