The law
Income-tax Act 2025, Sec 397(3)(b) (old Sec 200(3))
After paying the tax deducted, deliver a periodic statement in the prescribed form and timeSource
Income-tax Rules 2026, Rule 219(1) and (4) (old Rule 31A)
Form 138 for Sec 392 and Sec 393(1) Table Sl. 8(iii); due 31 July, 31 October, 31 January and 31 MaySource
Income-tax Act 2025, Sec 427 (old Sec 234E)
Fee of ₹200 a day while the statement is late, not more than the tax deductible; paid before the statement is deliveredSource
Income-tax Act 2025, Sec 461 (old Sec 271H)
Penalty ₹10,000 to ₹1,00,000 for late, non-filing or incorrect statement; no penalty for delay if tax, fee and interest are paid and the statement is filed within one month of the due dateSource
Income-tax Act 2025, Sec 398(3) (old Sec 201(1A))
Interest 1% a month for late deduction and 1.5% a month for late payment, to be paid before filing the statementSource
Income-tax Act 2025, Sec 397(3)(f)
Correction statement allowed within two years from the end of the tax year in which the statement was dueSource
Government fee
No filing fee. Statement must be filed electronically (https://www.incometaxindia.gov.in/documents/d/guest/form-138-faqs).
Late fee or penalty
₹200 per day under Sec 427, capped at the tax deductible (https://www.incometaxindia.gov.in/w/section-427-5). Penalty ₹10,000 to ₹1,00,000 under Sec 461 (https://www.incometaxindia.gov.in/w/section-461-5). Interest under Sec 398(3): 1% and 1.5% a month (https://www.incometaxindia.gov.in/w/section-398-5).