Section 276CC of ITA, 1961 : Section 276Cc: Failure To Furnish Returns Of Income

Explanation using Example

Imagine a business owner, Mr. Sharma, who operates a small manufacturing unit. For the financial year 2021-22, Mr. Sharma was required to file his income tax return by July 31, 2022. However, due to negligence, he fails to file his return by the due date. The Income Tax Department later discovers that Mr. Sharma's business had a taxable income that would have resulted in a tax liability of ₹3,000,000 if properly reported.

Under Section 276CC of the Income Tax Act, 1961, since the tax that would...

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