Income Tax Act, 1961
Section 276CC. 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 clause (i) of sub-section (1) of section 142 or section 148, 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 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 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 income under sub-section (1) of section 139 – (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 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.