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Section 35B – The Wealth-Tax Act, 1957

The Wealth-Tax Act, 1957

 

 

35B. Failure to furnish returns of net wealth .—

 

1[35B. Failure to furnish returns of net wealth .—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 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 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.]

 

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1. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).

 

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The Wealth-Tax Act, 1957

 

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