Section 480 Failure to furnish return of income setting forth undisclosed income
- Chapter
- XXII · Offences and Prosecution
- Amendments
- 1
Section 480 substituted by Finance Act, 2026, s. 115, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 480"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—
Section 480 substituted by Finance Act, 2026, s. 115, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 480"(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
Section 480 substituted by Finance Act, 2026, s. 115, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 480"(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
Section 480 substituted by Finance Act, 2026, s. 115, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 480"(c) with fine, in any other case.