Fee for Default in Furnishing Statements of TDS/TCS : Clause 427 of the Income Tax Bill, 2025 Vs. Section 234E of the Income-tax Act, 1961

Fee for default in furnishing TDS/TCS statements requires pre payment before filing and is capped by tax liability.

Clause 427 imposes a statutory fee for default in furnishing TDS/TCS statements as triggered by section 393(3)(b), prescribing a fixed per day charge for each day of delay, capped at the amount of tax deductible or collectible, and requiring payment of the fee before delivery of the delayed statement; the provision operates without prejudice to other consequences under the Act and mirrors the substantive structure of Section 234E while omitting explicit commencement and detailed procedural rules.