TaxTMI 
TaxTMI 
Rationalisation of section 276CC relating to prosecution for failure to furnish return
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....ationalisation of section 276CC relating to prosecution for failure to furnish return <br>Budget<br>Dated:- 5-2-2018<br><BR>Rationalisation of section 276CC relating to prosecution for failure to furn....
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....ish return Section 276CC of the Act provides that if a person willfully fails to furnish in due time the return of income which he is required to furnish, he shall be punishable with imprisonment for....
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.... a term, as specified therein, with fine. The sub-clause (b) of clause (ii) of proviso to the section 276CC further provides that a person shall not be proceeded against under the said section for fa....
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....ilure to furnish return for any assessment year commencing on or after the 1st day of April, 1975, if the tax payable by him on the total income determined on regular assessment as reduced by the adva....
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....nce tax, if any, paid and any tax deducted at source, does not exceed three thousand rupees. In order to prevent abuse of the said proviso by shell companies or by companies holding Benami properties....
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...., it is proposed to amend the provisions of the said sub-clause so as to provide that the said sub-clause shall not apply in respect of a company. This amendment will take effect from 1st April, 2018....
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..... [Clause 52]<BR> News - Press release - PIB....