Section 35B - Failure to furnish returns of net wealth - Wealth Tax Act, 1957

1 [Failure to furnish returns of net wealth 35B. If a person wilfully fails to furnish in due time the return of his net wealth which he is required to furnish under sub-section (1) of section 14 or by notice given under sub-section (2) of section 14 or under sub-section (1) of section 17, 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 one hun dred 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 rigorous imprisonment for a term which shall not be less than three months but which may extend to three 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 net wealth under sub-section (1) of section 14 ( 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 ( b ) the tax payable by him on his net wealth determined on regular assessment does not exceed three thousand rupees. ] --------------------------- Notes:- 1. inserted vide Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975.