Section 427 Fee for default in furnishing statements
- Part
- F.—LEVY OF FEE IN CERTAIN CASES
- Amendments
- 1
Section 427 substituted by Finance Act, 2026, s. 96, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 427"(1) Without 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 ₹ 200 for every day for which such failure continues.
Section 427 substituted by Finance Act, 2026, s. 96, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 427"(2) The amount of fee referred to in sub-section (1) shall—
Section 427 substituted by Finance Act, 2026, s. 96, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 427"(a) not exceed the amount of tax deductible or collectible; and
Section 427 substituted by Finance Act, 2026, s. 96, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 427"(b) be paid before delivering or causing to be delivered the statement, as per sub-section (1).
Section 427 substituted by Finance Act, 2026, s. 96, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 427"(3) Without prejudice to the provisions of this Act, where any person who is required to furnish a statement of financial transaction or reportable account under section 508(1), fails to furnish such statement within the time prescribed under section 508(2), he shall be liable to pay by way of fee, a sum of ₹ 200 for every day for which such failure continues and such fee shall not exceed a sum of ₹ 100000.