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of <h1>Penalties for Willful Failure to File Income or Fringe Benefits Return Under Income Tax Act Sections</h1> A person who willfully fails to furnish the required income or fringe benefits return within the prescribed time is subject to punishment. If the evaded tax exceeds twenty-five lakh rupees, the offender faces rigorous imprisonment for six months to seven years and a fine. For lesser amounts, imprisonment ranges from three months to two years, along with a fine. No prosecution will occur for failure to file returns for assessment years before April 1, 1975, or if the return is filed before the assessment year ends, or if the net tax payable after adjustments does not exceed ten thousand rupees for non-company taxpayers. These provisions apply under specified sections of the Income Tax Act, 1961, and include exceptions and conditions related to the timing and amount of tax liability.
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