Summary Chart for Offences and Prosecution under Income Tax Act

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....o 2 years and fine. 2 years and fine. 276 Fraudulent removal, concealment, transfer or delivery of property to thwart tax recovery being taken in execution of a certificate under the provisions of Second Schedule relating to procedure for recovery of tax Any period up to 2 years and fine. 2 years and fine. 276A Failure to comply with the provisions of section 178(1) and (3) i.e., the liquidators failure to: (i) inform about his appointment within 30 days, or (ii) set aside assets of the company, or (iii) liquidator parts with any asset in contravention of the provisions [Amendment by FA, 2023 - Provided further that no proceeding shall be initiated under this section on or after the 1st day of April, 2023.] Any period up to 2....

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....evaded exceeds 25,00,000: 6 months and fine. In any other case: 3 months and fine. Note:- No prosecution for failure to furnish the return in due time under section 139(1) if:- (i) the return is filed before the expiry of the assessment year; or (ii) the tax payable by such person 'not being a company' on regular assessment, as reduced by the advance tax or self-assessment tax, if any paid before the expiry of the AY, and any TDS or TCS and advance tax does not exceed ₹ 10,000. [Amendment w.e.f AY 2020-21] [Amendment w.e.f. 01.04.2018, sub-clause (b) 'not being a company' added, the company shall be punishable of rigorous imprisonment, as above, if it does not file return of income.] If tax sought to be evaded exceeds 25,00,000: ....