Wealth-tax Act,1957

Act No : 27

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Section : Failure to furnish returns of net wealth.

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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