Loading...

⚠ ✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ To Call / Whatsapp, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search ✕
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 Filters / Advanced Search ❯
TEXT

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Law:
---- All Laws---- ❯
  • ---- All Laws----
  • Benami Property
  • Bill
  • Central Excise
  • Companies Law
  • Customs
  • DGFT
  • FEMA
  • GST
  • GST - States
  • IBC
  • Income Tax
  • Indian Laws
  • Money Laundering
  • SEBI
  • SEZ
  • Service Tax
  • VAT / Sales Tax
Types:
---- All Types ---- ❯
  • ---- All Types ----
  • Act Rules
  • Case Laws
  • Circulars
  • Manuals
  • News
  • Notifications
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
☰   Show Results ❯
    Detention of Goods in Transit: Consequences of Delayed Penalty Orders Under Section 129(3)
    ITC: Constitutional Validity of Section 16(2)(c) of the CGST Act and Supplier-Tax-Payment Condition ...
    Substantive Right of Appeal and Onerous Pre-Deposit Conditions under the CGST Act
    Extended Limitation under GST: Fraud, Wilful Misstatement and Suppression Must Appear from the Notic...
    Omission of Rule 96(10) of the CGST Rules and Its Effect on Pending Integrated Tax Refund Proceeding...
    Interim Protection from Arrest after Dismissal of Anticipatory Bail under the GST Arrest Framework
    Case Laws Income Tax
    Interplay of Sections 87A, 111A and 115BAC(1A) in Computing Rebate on Special-Rate Capital Gains
    Extended Limitation u/s 74 of the CGST Act: Foundational Facts for Fraud, Wilful Misstatement and Su...
    Case Laws Income Tax
    Arm's Length Price Determination u/s 92C: Comparability Analysis: Economic Relevance of Turnover and...
    Case Laws Income Tax
    Make-Available Requirement for Managerial and Consultancy Services under the India-Singapore DTAA: A...
    Case Laws Income Tax
    Rebate under Section 87A on Short-Term Capital Gains Taxable under Section 111A
    Case Laws Income Tax
    Reassessment Notice Procedure: Administrative Approval under Section 143(2), Sanction under Section ...
    Case Laws Income Tax
    Reassessment Limitation under Section 149: Exclusion of Reply Time under Section 148A(b)
    Case Laws Money Laundering
    Pre-Cognizance Hearing under Section 223 BNSS in PMLA Complaints
    Case Laws Income Tax
    Treaty Entitlement of Non-UK Resident Partners in a Fiscally Transparent UK Partnership
    Indirect Corporate Control and Related-Party Classification in the Corporate Insolvency Resolution P...
    Section 74 Extended Period of Limitation: Departmental Knowledge, Audit Observations and Distinct Sc...
    Renting of Immovable Property and Blocked Input Tax Credit under Sections 16 and 17(5) of the CGST A...
    Case Laws Indian Laws
    Betting on Skill-Based Games: Constitutional Scope of Entry 34 and the Distinction between Skill and...
    Case Laws Benami Property
    Benami Transactions: Proof of Consideration, Fund Routing and Beneficial Ownership under Section 2(9...
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

Notes
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
Case Laws GST
Show AI Summary
Mandatory goods-detention timelines bar delayed GST penalty orders despite administrative complications, while independently lawful proceedings may remain available.
Section 129(3) imposes two mandatory sequential deadlines: a penalty notice must be issued within seven days of detention or seizure, and the penalty order must follow within seven days of service of that notice. The service date, rather than reply, valuation or intervening events, controls the latter period. Administrative difficulty cannot extend either deadline. The framework also requires a hearing, while inspection reporting timelines and administrative forms remain distinct and cannot dilute the statutory time limits.
Case Laws GST
Show AI Summary
Input tax credit requires actual supplier tax payment, while reversal must rest on transaction-specific evidence and procedures.
Input tax credit under Section 16(2)(c) of the CGST Act is conditional upon actual payment of the tax charged on the supply to the Government. The condition is cumulative and is not replaced by the recipient's invoice, payment to the supplier, receipt of supply, return filing, or bona fides. Self-assessed credit is reversible with applicable interest where the supplier has not paid tax, but may be re-availed after subsequent supplier compliance. A bona fide-purchaser exception cannot be read into the actual-payment requirement, although any reversal or demand must rest on specific statutory facts, supporting material, and reasoned adjudication.
Case Laws GST
Show AI Summary
Vested appellate rights prevent later penalty-only pre-deposit conditions from burdening appeals arising from earlier commenced adjudication.
Substituted CGST pre-deposit requirement for penalty-only orders does not govern an appeal arising from a formal show-cause notice issued before 1 October 2025, absent express retrospective language or necessary implication. The right of appeal and its applicable conditions vest when the lis commences; a filing-stage deposit that bars institution is substantive, not merely procedural. Admitted amounts remain payable, while a mandatory applicable deposit cannot ordinarily be waived or reduced by the Appellate Authority.
Case Laws GST
Show AI Summary
Extended GST limitation requires show cause notices to plead fraud, wilful misstatement, or suppression through specific factual allegations.
Section 74 requires the notice itself to state the material facts supporting the precise statutory limb invoked and the causal nexus between that conduct and the alleged tax consequence. The phrase "by reason of" requires a pleaded connection; a tax discrepancy coupled with a conclusory allegation of fraud or suppression is insufficient. The notice should identify the relevant act, omission, representation, non-disclosure or device, explain why it is deliberate or wilful, and enable an effective response.
Case Laws GST
Show AI Summary
Omission of export-refund restriction requires pending integrated-tax refund claims to be assessed under surviving statutory and procedural conditions.
Omission of Rule 96(10), effective from 08 October 2024 without a saving clause, applies to integrated-tax export-refund proceedings pending on that date. Such claims are assessed without the former restriction concerning specified notification benefits because Section 6 of the General Clauses Act does not preserve an omitted subordinate rule. The omission does not remove independent requirements for zero-rated supplies, refund eligibility, export documentation, returns, limitation, verification, or the applicable Rule 96 and Rule 89 procedures.
Case Laws GST
Show AI Summary
Interim arrest protection cannot survive dismissal of anticipatory bail; GST arrest requires communicated authorisation, not merely a summons.
Interim protection from arrest is ancillary to a live anticipatory-bail proceeding and cannot subsist as a freestanding direction after an application is dismissed as not maintainable. Under the GST arrest framework, a summons does not by itself make the summoned person an accused or create a legally sustainable apprehension of arrest. Arrest depends upon the Commissioner's reasons to believe and an order authorising arrest. The Section 69 authorisation order must be communicated before arrest, enabling the affected person to pursue available remedies before personal liberty is curtailed.
Case Laws Income Tax
Show AI Summary
Section 87A rebate may apply after special-rate computation of qualifying short-term capital gains, absent an express statutory exclusion.
Section 111A requires qualifying short-term capital gains to be taxed at the prescribed special rate, while section 87A operates as a rebate from income-tax computed on total income for an eligible resident individual under the applicable section 115BAC(1A) regime. Special-rate taxation governs computation and does not itself imply exclusion from the rebate. Unlike section 112A(6), section 111A contains no express provision reducing the rebate base by tax on qualifying gains. Eligibility depends on the statutory terms applicable for the relevant assessment year.
Case Laws GST
Show AI Summary
Extended GST limitation requires pleaded foundational facts linking alleged fraud, wilful misstatement, or suppression to tax evasion.
Section 74 permits extended GST limitation only where tax short payment, erroneous refund, or wrongful input tax credit arose by reason of fraud, wilful misstatement, or suppression of facts to evade tax. A mismatch or discrepancy alone is insufficient. The show cause notice must disclose foundational facts identifying the transaction, withheld or misstated material, deliberate conduct alleged, and its factual link to tax evasion. Audit objections or approaching limitation cannot replace the proper officer's independent satisfaction. Liability cannot be confirmed on grounds beyond those specified in the notice.
Case Laws Income Tax
Show AI Summary
Transfer-pricing comparability requires turnover and related-party transaction filters to reflect functional, economic, and data-based reliability rather than fixed thresholds.
Transfer-pricing comparability under the transactional net margin method requires economically reliable uncontrolled comparables selected through functional, asset, risk, contractual and market analysis. Turnover is not a universal statutory threshold, but material scale differences may justify exclusion where they affect margins through brand value, intangibles, bargaining power or economies of scale. Related-party transaction tolerance should ordinarily be the lowest practicable level; a higher threshold requires a recorded finding that sufficient lower-related-party comparables are unavailable. Any re-determination and comparable selection must comply with statutory conditions, reliable data requirements and Rule 10B.
Case Laws Income Tax
Show AI Summary
Make-available requirement limits treaty characterization of management and support payments as fees unless recipients gain independent technical capability.
Fees for technical services under Article 12(4) of the India-Singapore DTAA require more than managerial, technical or consultancy characterisation. The services must satisfy an additional treaty gateway, including making available technical knowledge, experience, skill, know-how or processes that enable the recipient to apply the technology independently. Advice, operational assistance, recurring support, training or business benefits do not alone establish transfer of technical capability. Where the DTAA is more beneficial than the broader domestic definition, the treaty limitation governs, subject to treaty-residence and documentation requirements.
Case Laws Income Tax
Show AI Summary
Income-tax rebate may extend to short-term capital gains tax when total-income conditions under the new regime are met.
Under the pre-restriction statutory formulation, a resident individual taxable under section 115BAC(1A) and within the prescribed total-income ceiling is analysed as eligible for section 87A rebate against income-tax on total income, including tax on qualifying short-term capital gains under section 111A. Section 111A fixes the special-rate computation but contains no express rebate exclusion. The explicit exclusion for specified long-term gains in section 112A(6) supports this distinction. Later limiting language in section 87A must be applied according to the statutory period concerned.
Case Laws Income Tax
Show AI Summary
Extended reassessment limitation permits reopening on qualifying book entries, independently of disputes over whether seized cash entries are assets.
Extended limitation under section 149(1)(b) may operate where books, documents or evidence reveal escaped income meeting the prescribed monetary threshold and represented as an asset, qualifying expenditure, or entries in books of account. These categories operate disjunctively; qualifying book entries may therefore provide an independent jurisdictional basis without resolving whether cash entries are assets. Handwritten and digital records may be treated as books where possession, control, corroboration, and attribution establish their nexus with the taxpayer.
Case Laws Income Tax
Show AI Summary
Reassessment limitation requires exclusion of allowed reply time, followed by a finite statutory period for consequential notice issuance.
Under the former reassessment framework, the time or extended time allowed for responding to a Section 148A(b) show-cause notice is excluded when computing limitation for the consequential notice. If the period remaining immediately after that exclusion does not exceed seven days, the sixth proviso supplies a seven-day residual period. The Section 148A(d) order and reassessment notice form a linked statutory sequence and must be completed within the resulting limitation period.
Case Laws Money Laundering
Show AI Summary
Pre-cognizance hearing protects proposed accused in money-laundering complaints by making prior hearing essential before valid cognizance.
Section 44 of the PMLA removes committal to the Special Court but does not exclude the criminal complaint procedure incorporated through Sections 46 and 65. Section 71 gives priority to the PMLA only where an actual inconsistency exists. Where the BNSS governs cognizance, the first proviso to Section 223(1) requires a meaningful hearing for the proposed accused before cognizance. The safeguard is distinct from exemptions from complainant examination, is mandatory and substantive, and permits submissions on legal sufficiency and prima facie material without converting the stage into a merits trial.
Case Laws Income Tax
Show AI Summary
Partner-specific treaty entitlement requires transparent partnership income to follow each partner's residence, preventing automatic technical-service characterization of legal fees.
For fiscally transparent UK partnerships, Indian-source receipts must be allocated and tested according to each partner's residence and treaty entitlement. India-UK treaty residence applies only to income taxed in the United Kingdom as income of a UK resident. Non-UK resident partners may require examination under India's treaty with their own residence State. Domestic fees-for-technical-services characterisation does not replace treaty analysis, particularly for legal and professional services. Treaty claims require residence certificates, prescribed information, and factual examination of applicable income articles, fixed-base or permanent-establishment tests, and other taxing conditions.
Case Laws IBC
Show AI Summary
Indirect corporate control can classify an upstream financial creditor as a related party, excluding it from creditor committee participation.
Related-party classification under section 5(24) of the Insolvency and Bankruptcy Code extends to an upstream body corporate where the corporate debtor is its step-down subsidiary, even without direct shareholding. Companies Act concepts permit subsidiary status through control exercised by another subsidiary of the holding company. Board-composition control is an independent basis for related-party status. A related financial creditor is excluded from representation, participation and voting in the Committee of Creditors under the first proviso to section 21(2), subject to the limited statutory exception.
Case Laws GST
Show AI Summary
Extended GST limitation requires fraud, wilful misstatement or suppression, while distinct scrutiny discrepancies may independently support demand proceedings.
Extended limitation under Section 74 applies only where unpaid or short-paid tax, erroneous refund, or wrongly availed or utilised input tax credit is attributable to fraud, wilful misstatement, or suppression of facts intended to evade tax. Audit under Section 65 and return scrutiny under Section 61 are distinct processes, and either may lead to proceedings under Section 73 or Section 74. A prior audit-based proceeding does not automatically bar a later Section 74 demand founded on a materially distinct discrepancy in return or reconciliation data. The notice must specify its factual grounds, and duplication must be assessed by comparing the factual basis, periods, source material, and legal allegations.
Case Laws GST
Show AI Summary
Blocked construction input tax credit: taxable rental income does not override restrictions for property built on the taxpayer's own account.
Input tax credit for goods, services and works contract services used to construct immovable property is subject to the overriding restrictions in Section 17(5), notwithstanding a business nexus under Section 16. Renting is a taxable supply of services but does not by itself satisfy the exception for further supply of works contract services or remove the own-account construction bar. A plant, plant-and-machinery, or qualifying foundation-and-structural-support claim requires fact-specific proof of functional necessity; taxable rental income alone is insufficient. Timely availment, statutory disclosure and the conditions for fraud-based proceedings, interest and penalty require separate assessment.
Case Laws Indian Laws
Show AI Summary
Betting on skill games remains distinct from protected skill play when money is risked on uncertain outcomes.
Entry 34 of List II is analysed as extending to betting on uncertain outcomes even when the underlying game substantially involves skill. The legal inquiry separates the game from an outcome-linked monetary stake: skill classification does not itself immunise wagering. A genuine participation fee for a skill competition may differ from betting, depending on the payment's character, the event structure and its connection to potential gain. State laws may target wagering in cyber space, while public-order competence requires a real and proximate nexus with community-wide disruption.
Case Laws Benami Property
Show AI Summary
Benami fund routing requires proof of consideration, holding and benefit; formal invoices alone may not establish genuine commercial credits.
Benami character under Section 2(9)(A) depends on the real relationship between the property holder, provider of consideration and intended beneficiary. Cash deposits routed through entities linked to an alleged benamidar and transferred by RTGS may support an inference of beneficial ownership when formal invoices, ledgers and tax records lack independent commercial corroboration. Bank funds and proceeds fall within the broad concept of property. Sworn statements, banking records and surrounding circumstances must be assessed together; the party alleging benami bears the initial burden, though evidentiary burdens may shift on proved facts.

TMI Notes

Back

All TMI Notes

Showing Results for :
Reset Filters
No Records Found

TMI Notes

Comparison of section 479 "Failure to furnish returns of income." between the Income-Tax Act, 2025 (as passed) and the Income-Tax Bill, 2025 (as originally introduced)

16 September, 2025

Contents
Acts
Rules & Regulations
Summary
Note

Note

-

Bookmark

(New) -

Download

Print

Print

Section 479 Failure to furnish returns of income

Income-tax Act, 2025

At a Glance

This document is Clause 479 of the Income Tax Bill, 2025 (Old Version) entitled "Failure to furnish returns of income." It prescribes penal consequences where a person wilfully fails to furnish, in due time, a return of income required under specified sections. The provision affects taxpayers (individuals and companies), enforcement authorities and the prosecutorial framework. Effective date or enactment date: Not stated in the document.

Background & Scope

Statutory hook: Clause 479 sits under the chapter heading "OFFENCES AND PROSECUTION" within the Income Tax Bill, 2025. It addresses criminal liability for willful failure to furnish a return required u/s 263(1) or by notice u/ss 268(1) or 280. The clause distinguishes high-value evasion cases (where the amount of tax that would have been evaded exceeds twenty-five lakh rupees) from other cases, and sets minimum and maximum terms of imprisonment and fine. The text provides no in-line definitions; any defined terms (for example, "wilfully", "return of income", "total income", or precise meanings of sections 263, 268, 280) must be located elsewhere in the Bill or Act. Not stated in the document: detailed definitions or legislative intent beyond the penal scheme.

Statutory Provision Mode

Text & Scope

Clause 479(1) criminalises a person's wilful failure to furnish, in due time, the return of income required u/s 263(1) or by notice u/ss 268(1) or 280. Two tiers of punishment are specified:

  • Sub-clause (a): where the amount of tax that would have been evaded (if the failure had not been discovered) exceeds twenty-five lakh rupees - rigorous imprisonment not less than six months and up to seven years; and liability to fine.
  • Sub-clause (b): in any other case - imprisonment not less than three months and up to two years; and liability to fine.

Clause 479(2) creates a bar to prosecution for failure to furnish the return u/s 263(1) for any tax year, if either:

  • (a) the return is furnished before the expiry of one year from the end of the tax year or a return is furnished u/s 263(6) within the time provided in that section; or
  • (b) for a person other than a company, the tax payable on total income determined on regular assessment, reduced by advance tax or self-assessment tax paid before the expiry of one year from the end of the tax year and any tax deducted or collected at source, does not exceed ten thousand rupees.

Interpretation

The clause uses the conventional penal structure: mens rea ("wilfully") plus an act (failure to furnish). The text indicates legislative policy to differentiate between significant evasion (greater than Rs. 25 lakh) and lesser cases by calibrating maximum and minimum imprisonment. The immunity provisions in sub-section (2) embody a limited safe harbour, permitting prosecution to be avoided where the return is subsequently furnished within the specified time or where the tax shortfall is de minimis for non-companies. The clause ties the exemption under (2)(a) specifically to temporal compliance (one year from the end of the tax year) or to compliance u/s 263(6); (2)(b) uses the same temporal reference for counting late tax payments for the de-minimis test.

Exceptions/Provisos

The provision itself contains its exceptions at sub-section (2): temporal cure of the default and a monetary de-minimis threshold applicable to non-company taxpayers. There are no other provisos or carve-outs in the text. Not stated in the document: whether the de-minimis threshold applies to companies (the clause expressly excludes companies) or any alternative thresholds for companies; the policy reasoning for the Rs. 10,000 limit; procedural consequences where immunity conditions are met (for example, whether civil penalties remain payable) are not stated.

Illustrations

  • Example 1: A non-company taxpayer fails to file the return for AY 2025-26 but files the return within one year from the end of the tax year; therefore, under clause 479(2)(a) prosecution would be barred. (Consistent with the text.)
  • Example 2: A person wilfully fails to furnish a return and the tax that would have been evaded is assessed at Rs. 30 lakh; the person is punishable under clause 479(1)(a) with rigorous imprisonment between six months and seven years and liable to fine. (Consistent with the text.)
  • Example 3: A corporate taxpayer whose shortfall is under Rs. 10,000 but who did not pay the advance tax before the expiry of one year may not benefit from clause 479(2)(b) because the exclusion expressly applies only to persons "not being a company." (Consistent with the text.)

Interplay

The clause references sections 263(1), 263(6), 268(1) and 280. The provision's practical import therefore depends on the procedural timelines and definitions set out in those sections. The document does not reproduce or summarise sections 263, 268 or 280, nor any Rules, Notifications or Circulars that may interpret them. Not stated in the document: interaction with penal provisions elsewhere in the Bill/Act (for example, provisions dealing with prosecution procedure, compoundability, or assessment procedures) and whether prosecution under Clause 479 can be combined with other criminal charges for related tax offences.

Differences Between the Two Provisions and Practical Impact

  • Wording on Fine Liability: Document 1 (Section 479, Income-tax Act, 2025) states the punishments "with fine" in sub-clauses (a) and (b). Document 2 (Clause 479 of the Income Tax Bill, 2025 (Old Version)) states the offender "shall also be liable to fine."
    • Practical impact: No substantive difference in penalty exposure; the Bill's language emphasises an additional fine liability whereas the enacted version uses a shorter phrase. Both imply imprisonment plus fine; no material change in sanction quantum is specified in either text.
  • Timing/Conditions for Curing Failure (sub-section (2)(a)): Document 2 (Bill, Old Version) provides that a person shall not be proceeded against if "the return is furnished by him before the expiry of one year from the end of the tax year or a return is furnished by him u/s 263(6) within the time provided in that section." Document 1 (Act, enacted Section 479) instead provides that a person shall not be proceeded against if "a return is furnished by him u/s 263(4) or 263(6)."
    • Practical impact: The Bill's Old Version allows a specific time-limit cure (within one year from the end of the tax year) as an immunity condition; the enacted Act replaces that explicit one-year cure by reference to section 263(4) (which presumably contains the timing) and 263(6). If section 263(4) contains a different time frame than one year, this is a substantive change to the available safe harbour; if 263(4) corresponds to the one-year provision, the change is largely stylistic. The enacted text removes the redundant explicit "one year" phrasing and anchors the immunity to the procedure in section 263(4). The practical consequence depends on the content of section 263(4) (Not stated in the document).
  • Timing Reference in Sub-section (2)(b): Document 2 reduces the tax payable threshold calculation by referencing amounts "paid before the expiry of one year from the end of the tax year." Document 1 modifies that to amounts "paid before the expiry of period specified u/s 263(4)".
    • Practical impact: Similar to (2)(a), the Bill's Old Version uses an explicit one-year benchmark for counting advance/self-assessment tax payments; the enacted version ties the benchmark to section 263(4). Whether this expands or narrows the scope of immunity depends on the actual period specified in section 263(4) (Not stated in the document).

Practical Implications

  • Compliance and risk areas: The clause elevates the stakes for deliberate non-filing by providing significant custodial exposure where the tax evaded exceeds Rs. 25 lakh. Taxpayers should be aware that willful non-filing, once construed by authorities as intentional, exposes them to criminal prosecution unless the specified cure is available. For companies, the de-minimis safe harbour in sub-section (2)(b) does not apply, exposing corporate failures to prosecution even for relatively small tax shortfalls (Not stated in the document: reason for exclusion of companies).
  • Record-keeping/evidence points: Relevant documentary evidence to demonstrate timely payment of advance or self-assessment tax (dates and amounts) and evidence of filing within the one-year window will be material to establishing the bar in sub-section (2). Evidence of absence of wilfulness (for example, correspondence, bona fide difficulties) would also be relevant to rebut the mens rea requirement; however, procedural guidance on burden of proof is Not stated in the document.

Key Takeaways

  • Clause 479 criminalises wilful failure to furnish returns required under specified sections, with tiered custodial penalties linked to the amount of tax evaded.
  • High-value cases (tax evaded > Rs. 25 lakh) attract rigorous imprisonment of six months to seven years plus fine; other cases attract imprisonment of three months to two years plus fine.
  • Prosecution is barred if the return is filed within one year from the end of the tax year (or u/s 263(6) within its time) or where, for non-companies, the net tax liability after qualifying payments does not exceed Rs. 10,000.
  • The provision excludes companies from the monetary de-minimis immunity; the rationale and alternative company thresholds are Not stated in the document.
  • The provision's practical effect depends on the content and timelines of sections 263, 268 and 280, which are not reproduced here; those cross-references must be consulted to determine exact temporal and procedural mechanics.

Full Text:

Section 479 Failure to furnish returns of income

Topics

Acts Income Tax