Section 480: failure to furnish return of income setting forth undisclosed income

What Section 480 says

"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--"

• 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.
• 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.
• With fine, in any other case.

Note on an earlier version of this section

The Act's footnotes record that this section (along with section 481) was substituted by the Finance Act, 2026, with effect from 1 April 2026. Before that substitution, the equivalent provision was titled "Failure to furnish return of income in search cases" and punished a wilful failure to furnish the return of total income (required by notice under section 294(1)(a)) with imprisonment of not less than three months, extendable to three years, and with fine.

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