Fee for default in furnishing statements (Levy of fee in certain cases) - Section 427 (New) / Section 234E & 271FAA (Old)

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....961. Section 427 provides for levy of a mandatory fee for delay in furnishing specified statements under the Act. The fee is compensatory in nature and is without prejudice to any other consequences under the Act. Section 427(1) - Fee for Delay in Furnishing TDS/TCS Statements read with Rule 219 Where a person fails to furnish the TDS or TCS statement referred to in section 397(3)(b) with....

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....xceed Rs.1,00,000. Comparative Analysis: Section 234E/ 271FA (Income-tax Act, 1961) vs. Section 427 (Income-tax Act, 2025) Particulars Section 234E (Income-tax Act, 1961) Section 427 (Income-tax Act, 2025) Scope Provides for fee for delay in furnishing TDS/TCS statements. Provides for fee for delay in furnishing TDS/TCS statements and statements of financial ....