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of <h1>New Sections 276C & 276D: Penalties for Willful Tax Return Failures and Document Non-Compliance in Income-tax Act, 1961.</h1> Sections 276C and 276D were added to the Income-tax Act, 1961, by the Taxation Laws (Amendment) Act, 1970. Section 276C penalizes individuals who willfully fail to file their income tax returns on time with imprisonment up to one year or a daily fine between four and ten rupees, or both. Exceptions apply for assessment years before April 1, 1971, and certain conditions for subsequent years. Section 276D imposes similar penalties for failing to produce required accounts and documents by a specified date in a notice under section 142.
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