Section 52 - Insertion of new sections 276C and 276D - Taxation Laws (Amendment) Act, 1970

52. Insertion of new sections 276C and 276D. After section 276B of the Income-tax Act. the following sections shall be inserted, namely:- 276C. Failure to furnish returns of income If a person wilfully fails to furnish in due time the return of income which he is required to furnish under sub-section (1) of section 139 or by notice given under sub-section (2) of section 139 or section 148 he shall be punishable with rigorous imprisonment for a term which may extend to one year or with fine equal to a sum calculated at a rate which shall not be less than four rupees or more than ten rupees for every day during which the default continues, or with both: Provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of income under sub-section (1) of section 139- (i) for any assessment year commencing prior to the 1st day of April, 1971; or (ii) for any assessment year commencing on or after the 1st day of April, 1971, if- (a) the return is furnished by him before the expiry of the assessment year; or (b) the tax payable by him on the total income determined on regular assessment, as reduced by the advance tax, if any, paid, and any tax deducted at source, does not exceed three thousand rupees. 276D. Failure to produce accounts and documents. If a person wilfully fails to produce, or cause to be produced, on or before the date specified in any notice served on him under sub-section (1) of section 142, such accounts and documents as are referred to in the notice, he shall be punishable with rigorous imprisonment for a term which may extend to one year or with fine equal to a sum calculated at a rate which shall not be less than four rupees or more than ten rupees for every day during which the default continues, or with both. .