Failure to furnish income tax return: criminal penalty including imprisonment or daily fine for continued default, with limited exceptions.

Two new penal sections impose criminal liability for wilful failure to comply with income tax procedural obligations: failing to furnish required returns attracts rigorous imprisonment up to one year, a specified daily fine or both, subject to limited exemptions for certain assessment years and where assessed tax after credits falls below a monetary threshold; failing to produce accounts or documents in response to an assessment notice attracts the same penal range and daily fine mechanism.

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