INCOME TAX SECTION 276CC - Failure to furnish returns of income

Description

If a person wilfully fails to furnish in due time the return of fringe benefits which he is required to furnish under sub-section (1) of section 115WD or by notice given under sub-section (2) of the said section or section 115WH or the return of income which he is required to furnish under sub-section (1) of section 139 or by notice given under clause (i) of sub-section (1) of section 142 or section 148 or section 153A, he shall be punishable,- 

(i) in a case where the amount of tax, which would have been evaded if the failure had not been discovered, exceeds twenty-five hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine; 

(ii) in any other case, with imprisonment for a term which shall not be less than three months but which may extend to two years and with fine: 

Provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of fringe benefits under sub-section (1) of section 115WD or return of income under sub-section (1) of section 139- 

(i) for any assessment year commencing prior to the 1st day of April, 1975; or 

(ii) for any assessment year commencing on or after the 1st day of April, 1975, if- 

(a) the return is furnished by him before the expiry of the assessment year; or 

(b) the 65[tax payable by such person, not being a company,] on the total income determined on regular assessment, as reduced by the advance tax, if any, paid, and any tax deducted at source, does not exceed three thousand rupees.

logo

LegalSectionsLaw That Leads

Ready to solve your legal matters with confidence? Contact our expert legal consultants today and get the guidance you deserve. Don't delay, take the first step towards a brighter legal future.

Follow us on

instagramfacebooklinkedintwitteryoutubetelegramkoo

© 2023 LegalSections. All Rights Reserved.