Delayed TDS, TCS and financial transaction statements attract mandatory fees subject to statutory caps and pre-filing payment.

Section 427 imposes a mandatory compensatory fee for delayed TDS or TCS statements at Rs. 200 for each day of continuing default. The fee cannot exceed the tax deductible or collectible and must be paid before the delayed statement is furnished. Delayed Statements of Financial Transaction or reportable accounts also attract a daily fee of Rs. 200, subject to an aggregate ceiling of Rs. 1,00,000. The provision expressly extends the fee framework to financial transaction statements and reportable accounts.

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