Late tax filings now attract daily and fixed fees for statements, returns, audited accounts and accountant reports.

Sections 427 and 428 impose fees for failures to furnish tax statements, returns, audited accounts and accountant reports: section 427 levies Rs. 200 per day for late statements (capped at tax deductible/collectible; Rs. 200/day cap of Rs. 100,000 for financial transaction/reportable account statements); section 428 prescribes income tiered fixed fees for late returns (Rs. 1,000/ Rs. 5,000), and specified fees for delayed audit reports (Rs. 75,000 up to one month; Rs. 150,000 thereafter) and accountant reports (Rs. 50,000 up to one month; Rs. 100,000 thereafter).

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