Willful failure to file returns attracts graded criminal penalties including imprisonment and fine; an extended cure period limits prosecutions.
Clause 479 criminalizes the willful failure to furnish returns of income, applying to statutory filing obligations and notice-triggered duties, and establishes a graded criminal penalty regime tied to the tax that would have been evaded. It preserves a mens rea requirement, mandates imprisonment and fine across tiers, and provides exemptions including a one-year cure period to avoid prosecution and a de minimis exception for non-corporate taxpayers, while raising interpretative issues on the definition of wilfulness and calculation of evaded tax.