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<h1>Failure to furnish TDS/TCS statements or supply incorrect information may attract a statutory penalty unless corrected promptly.</h1> Section 271H permits the Assessing Officer to impose a penalty where a person fails to deliver required statements under section 200(3) or the proviso to section 206C(3), or furnishes incorrect information in such statements for TDS/TCS. A prescribed monetary range applies, but no penalty is leviable if the person proves payment of tax deducted or collected, with fee and interest, and delivers the statement within one month of the prescribed time. The provision governs statements for TDS/TCS on or after 1 July 2012.