Section - 276CC (of Income Tax Act, 1961), Failure to furnish returns of income

If a person wilfully fails to furnish in due time the return of fringe benefits which he is required to furnish under sub-section (1) of section 115WD (of Income Tax Act, 1961) or by notice given under sub-section (2) of the said section or section 115WH (of Income Tax Act, 1961) or the return of income which he is required to furnish under sub-section (1) of section 139 (of Income Tax Act, 1961) or by notice given under clause (i) of sub-section (1) of section 142 (of Income Tax Act, 1961) or section 148 (of Income Tax Act, 1961) or section 153A (of Income Tax Act, 1961), he shall be punishable,—

(i) in a case where the amount of tax, which would have been evaded if the failure had not been discovered, exceeds twenty-five hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine;

(ii) in any other case, with imprisonment for a term which shall not be less than three months but which may extend to two years and with fine:

Provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of fringe benefits under sub-section (1) of section 115WD (of Income Tax Act, 1961) or return of income under sub-section (1) of section 139 (of Income Tax Act, 1961)—

(i) for any assessment year commencing prior to the 1st day of April, 1975; or

(ii) for any assessment year commencing on or after the 1st day of April, 1975, if—

(a) the return is furnished by him before the expiry of the assessment year or a return is furnished by him under sub-section (8A) of section 139 (of Income Tax Act, 1961) within the time provided in that sub-section; or

(b) the tax payable by such person, not being a company, on the total income determined on regular assessment, as reduced by the advance tax or self-assessment tax, if any, paid before the expiry of the assessment year, and any tax deducted or collected at source, does not exceed ten thousand rupees.