§480
Section 480 — Failure to furnish return of income setting forth undisclosed income
In plain terms: This section punishes wilful failure to furnish the return of undisclosed income for the block period (search cases) with imprisonment up to two years (tax over ₹50 lakh), and lower punishments in other cases.
If a person wilfully fails to furnish in due time the return of income, setting forth his undisclosed income for the block period, which is required to be furnished by notice given under section 294(1)(a), he shall be punishable--
(a) with simple imprisonment for a term up to two years, or with fine, or with both, where the amount of tax exceeds fifty lakh rupees; or
(b) with simple imprisonment up to six months, or with fine, or with both, where the amount of tax exceeds ten lakh rupees but does not exceed fifty lakh rupees; or
(c) with fine, in any other case.][131]
Amendment history
- [131] Substituted by Finance Act, 2026, w.e.f. 01.04.2026, for the followings:- "480 Failure to furnish return of income in search cases If a person wilfully fails to furnish in due time the return of total income which is required to be furnished by notice given under section 294(1)(a), he shall be punishable with imprisonment for a term which shall not be less than three months but which may extend to three years and with fine."