TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Income Tax Bill 2025 Clause 481 criminalizes willful failure to produce tax documents with one year imprisonment and mandatory fine</h1> The Income Tax Bill 2025's Clause 481 criminalizes willful failure to produce accounts and documents as required by tax authorities, prescribing rigorous imprisonment up to one year and mandatory fine. This provision largely mirrors Section 276D of the Income-tax Act 1961, maintaining similar penal consequences for non-compliance with statutory notices. The key difference lies in updated procedural references and slightly modified language regarding fine imposition. Both provisions require proof of willful default rather than mere negligence, serving as enforcement tools to compel taxpayer compliance and deter obstruction of assessment processes. The provision emphasizes maintaining proper documentation and timely response to official requisitions.
TaxTMI 
TaxTMI 