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<h1>Late TDS/TCS statement attracts Rs.200 per day fee, capped at tax amount and payable before filing</h1> Where a person fails to furnish the prescribed statement for tax deducted at source or tax collected at source within the statutory time, a fee of Rs.200 per day accrues for each day of default; this fee is capped at the amount of tax deductible or collectible and must be paid before filing the delayed statement. These provisions apply to statements required to be delivered on or after July 1, 2012.