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.


Click here to read more from the Income Tax Act


Find the best lawyer for Income Tax Section 276CC charges

Related Questions

How can I get bail in a non bailable offence?

I have been framed in a case by some people and the Police is saying that the charges against me are non bailable in nature. How can I get bail in a n…

Read More

When and where can I apply for anticipatory bail?

When and where can I apply for an anticipatory bail in case someone has filed criminal complaint against me and Police may have registered an FIR?…

Read More

How can I quash the FIR by compromise with the complainant?

I have come to terms with the person who had filed a criminal complaint against me and now they are willing to compromise with me. How can the FIR aga…

Read More

In how much time is a bail / anticipatory bail granted?

If we apply for an anticipatory bail or a regular bail, in how much time can this be granted?…

Read More