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of <h1>Willful failure to file income-tax return under sections 263(1), 268(1) or 280 punishable by imprisonment and fine</h1> Willful failure to file a required income-tax return under section 263(1) or following notices under sections 268(1) or 280 is a punishable offence: where the tax that would have been evaded exceeds Rs.25 lakh, the offender faces rigorous imprisonment of six months to seven years and a fine; otherwise imprisonment of three months to two years and a fine applies. Prosecution under this provision is barred if the return is subsequently filed under section 263(4) or 263(6), or, for non-companies, if net tax liability on regular assessment (after allowable pre-expiry advance/self-assessment payments and source deductions) does not exceed Rs.10,000.
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