Section 480 — Failure to furnish return of income setting forth undisclosed income
Old Act equivalent: Section 276CCC (new provision) of IT Act 1961 Sub-part: B—Offences and Prosecution
Statutory Text
- If a person wilfully fails to furnish in due time the return of income, setting forth his undisclosed income for the block period, which is required to be furnished by notice given under section 294(1)(a), he shall be punishable—
(a) with simple imprisonment for a term up to two years, or with fine, or with both, where the amount of tax exceeds fifty lakh rupees; or
(b) with simple imprisonment up to six months, or with fine, or with both, where the amount of tax exceeds ten lakh rupees but does not exceed fifty lakh rupees; or
(c) with fine, in any other case. Failure to comply with a direction of special audit or valuation.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Person who wilfully fails to furnish return setting forth undisclosed income.
- Conditions: Wilful failure to furnish return required to declare undisclosed income.
- Time limits: None.
- Monetary limits: Imprisonment 3 months to 3 years with fine.
- Exceptions: Inserted by Finance Act, 2026.
Cross-References
- Section 294
Amendment Notes
None noted from the extracted pages.