Substitution of new sections for sections 427 and 428.

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....ut prejudice to the provisions of this Act, where any person fails to deliver or cause to be delivered a statement as per section 397(3)(b) within the time prescribed therein, he shall be liable to pay by way of fee, a sum of Rs. 200 for every day for which such failure continues. (2) The amount of fee referred to in sub-section (1) shall- (a) not exceed the amount of tax deducti....

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.... do so within the due date, as specified under sub-section (1) of the said section, he shall be liable to pay by way of fee,-- (i) a sum of Rs. 1000, if the total income of such person does not exceed Rs. 500000; and (ii) a sum of Rs. 5000, in any other case; (b) furnishes a return of income under section 263(5) beyond nine months from the end of relevant tax year, he sh....

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....ause 83 of the Bill seeks to substitute sections 427 and 428 of the Income-tax Act relating to fee for default in furnishing statements and fee for default in furnishing return of income. The proposed section 427 provides for fee for default in furnishing statements. Sub-section (1) of the proposed section 427 provides that without prejudice to the provisions of this Act, where any person fa....

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....by rules under section 508(2), he shall be liable to pay by way of fee, a sum of Rs. 200 for every day for which such failure continues and such fee shall not exceed a sum of Rs. 100000. The proposed section 428 provides for fee for default in furnishing return of income, audited accounts and reports. Clause (a) of the proposed section 428 provides that where any person required to furnish a....