Penalty for incorrect TDS/TCS returns: mandatory sanction for delayed or incorrect quarterly returns unless tax, fees and interest paid. Penalty attaches where a person fails to deliver quarterly TDS/TCS returns within prescribed time or furnishes incorrect information in such returns; the penalty is mandatory within a prescribed minimum and maximum range. No penalty applies if the person proves payment of the tax deducted or collected together with required fees and interest and files the delayed return within the transitional permitted filing period; the provision governs statements delivered for tax deducted or collected at source from the operative commencement date.