Penalty for failure to furnish statements: late or incorrect TDS/TCS statements attract penalty unless remedied within one year. Section 271H creates a penalty for failure to deliver, or for furnishing incorrect information in, statements required under sub section (3) of section 200 or the proviso to sub section (3) of section 206C in respect of tax deducted or collected at source. The penalty is a monetary fine not less than ten thousand rupees and which may extend to one lakh rupees. No penalty is levied for late delivery if, after paying the tax with fee and interest, the person delivers the statement within a limited remedial period from the prescribed time.