CMA Intermediate · Direct and Indirect Taxation · Filing of Return of Income
Under section 479(1) of the Income-tax Act, 2025 as amended w.e.f. 1-4-2026, a person wilfully fails to furnish a return in due time and the tax that would have been evaded is Rs 30 lakh. What is the punishment?
Simple imprisonment up to six months, or fine, or both. Tax evaded of Rs 30 lakh lies between ten lakh and fifty lakh rupees, which falls under section 479(1)(b) as substituted from 1 April 2026.
- ASimple imprisonment up to six months, or fine, or bothCorrect
- BSimple imprisonment up to two years, or fine, or both
- CRigorous imprisonment of at least six months and fine
- DFine only
Explanation
Rs 30 lakh exceeds ten lakh but not fifty lakh, so clause (b) applies: simple imprisonment up to six months, or fine, or both. The two-year limit applies only above Rs 50 lakh, and fine alone applies to other cases. The old rigorous imprisonment rule was substituted.
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