What is Fee in Form 26QB and when is it applicable?

Ans. As per section 234E of the IT Act, 1961 read with Rule 31A (4A) of IT rules, 1962, failure on the part of taxpayer to furnish challan-cum-statement in Form No. 26QB electronically within seven days from the end of the month in which the tax deduction is made will attract levy of fee to be paid by the buyer/transferee/payer.