Mandatory delayed statement fee applies to TDS, TCS, financial transaction statements and reportable accounts, subject to statutory limits.

Section 427 imposes a mandatory compensatory fee for delayed furnishing of prescribed TDS and TCS statements. The fee accrues at Rs.200 per day of continuing default, cannot exceed the tax deductible or collectible, and must be paid before filing the delayed statement. The provision also applies to delayed Statements of Financial Transaction and Reportable Accounts, for which the daily fee is subject to an overall statutory ceiling. The levy operates independently of interest, penalty, prosecution, or other consequences under the Act.

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