Wilful failure to furnish returns of income attracts graded prosecution, with exceptions for timely filing and low tax payable cases. Wilful failure to furnish, in due time, the return of income or the return of fringe benefits required under the specified return-filing provisions and ... Summary
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Wilful failure to furnish returns of income attracts graded prosecution, with exceptions for timely filing and low tax payable cases.
Wilful failure to furnish, in due time, the return of income or the return of fringe benefits required under the specified return-filing provisions and notices attracts prosecution. The punishment is graded by the amount of tax that would have been evaded if the default had remained undiscovered, with harsher or lighter penalties depending on the evasion range and fine-only treatment in other cases. The section also bars prosecution in specified cases, including certain earlier assessment years, timely filing before the close of the assessment year, valid filing within the prescribed saved period, and low net tax payable for eligible non-company assessees.
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