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What's New FILING OF FORM DIR-3-EKYC BY 31st AUGUST. PENALTY OF RS. 5000/- AFTER DUE DATE      Due Dates For the Month of November 2018      CBDT extends due date for filing of Income Tax Returns & audit reports from 30th Sept,2018 to 15th Oct, 2018     

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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