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of <h1>Clause 242: Penalties for Not Filing Tax Returns Include Imprisonment and Fines for Tax Evasion Over One Lakh Rupees.</h1> Clause 242 of the Direct Taxes Code, 2010, addresses penalties for failing to submit tax returns. If an individual willfully neglects to file a return as required under specific sections, they may face rigorous imprisonment ranging from six months to seven years and a fine if the evaded tax exceeds one lakh rupees. For lesser amounts, imprisonment ranges from three months to three years with a fine. However, prosecution is avoided if the return is filed within the financial year or specified period, or if the tax payable after deductions is below twenty-five thousand rupees.
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