https://www.taxtmi.com/acts?id=50055 Two new penal sections impose criminal liability for wilful failure to comply with income tax procedural obligations: failing to furnish required returns attracts rigorous imprisonment up to one year, a specified daily fine or both, subject to limited exemptions for certain assessment years and where assessed tax after credits falls below a monetary threshold; failing to produce accounts or documents in response to an assessment notice attracts the same penal range and daily fine mechanism. en-us Mon, 03 Mar 2025 18:06:57 +0530 Mon, 03 Mar 2025 18:06:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50055 Two new penal sections impose criminal liability for wilful failure to comply with income tax procedural obligations: failing to furnish required returns attracts rigorous imprisonment up to one year, a specified daily fine or both, subject to limited exemptions for certain assessment years and where assessed tax after credits falls below a monetary threshold; failing to produce accounts or documents in response to an assessment notice attracts the same penal range and daily fine mechanism. Act-Rules F. Acts / Amendment Acts Mon, 03 Mar 2025 18:06:57 +0530 https://www.taxtmi.com/acts?id=50055