https://www.taxtmi.com/acts?id=53890 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. en-us Tue, 31 Mar 2026 15:54:20 +0530 Tue, 31 Mar 2026 15:54:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53890 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. Act-Rules F. Acts / Amendment Acts Tue, 31 Mar 2026 15:54:20 +0530 https://www.taxtmi.com/acts?id=53890