catchwords: Fee for default in furnishing statements -Fee is not a penalty or interest.
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Fee for default in furnishing statements -Fee is not a penalty or interest.
Fee paid u/s. 234E is not a penalty or interest under the Income-tax Act, 1961. It is a fee which is for late filing of statement of tax deduction at source u/s. 200(3) of the Act. Similarly fee paid for late filing of statement of tax collected at source u/s. 206C(3) of the Act. Hence there is no loss to the revenue, as tax deducted or tax collected had to be paid before filing the statement.