Fee for default in furnishing statements applies daily, with caps for tax-deductible amounts and financial transaction reporting. A fee is payable for failure to furnish prescribed statements within time. For default in delivering a statement under section 397(3)(b), the person is liable to pay Rs. 200 for every day during which the failure continues, subject to a ceiling equal to the amount of tax deductible or collectible, and the fee must be paid before the statement is delivered. A similar daily fee applies for failure to furnish a statement of financial transaction or reportable account under section 508(1), subject to a maximum of Rs. 100000.