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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Willful Failure to File Wealth Returns Under Section 35B: Penalties Include Imprisonment and Fines for Tax Evasion.</h1> Section 35B of the Wealth Tax Act, 1957, addresses the penalties for willful failure to submit net wealth returns as required under specific sections. If the tax evasion amount exceeds one hundred thousand rupees, the penalty includes rigorous imprisonment from six months to seven years and a fine. In other cases, imprisonment ranges from three months to three years with a fine. Exceptions apply for assessment years before April 1, 1975, or if returns are submitted within the assessment year and the tax payable does not exceed three thousand rupees.
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