Undisclosed income return compliance faces graded penalties, with separate punishment for wilful non-compliance with audit or valuation directions. Sections 480 and 481 are substituted to prescribe penalties for wilful failure to furnish, in due time, a return of income setting forth undisclosed income for the block period in response to notice under section 294(1)(a), and for wilful failure to comply with a direction under section 268(5). The punishment for non-furnishing is graded by the amount of tax involved, while non-compliance with the direction under section 268(5) is punishable with simple imprisonment up to six months, or fine, or both.
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Undisclosed income return compliance faces graded penalties, with separate punishment for wilful non-compliance with audit or valuation directions.
Sections 480 and 481 are substituted to prescribe penalties for wilful failure to furnish, in due time, a return of income setting forth undisclosed income for the block period in response to notice under section 294(1)(a), and for wilful failure to comply with a direction under section 268(5). The punishment for non-furnishing is graded by the amount of tax involved, while non-compliance with the direction under section 268(5) is punishable with simple imprisonment up to six months, or fine, or both.
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