# The Finance Act, 2026, Section 115: Substitution of new sections for sections 480 and 481

- Act: The Finance Act, 2026 (Act 4 of 2026)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2026/section/115/

## Text

Substitution of new sections for sections 480 and 481. 115. For sections 480 and 481 of the Income-tax Act, the following sections shall be substituted, namely:— "480. Failure to furnish return of income setting forth undisclosed income.— 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. "481. Failure to comply with a direction of special audit or valuation.— If a person wilfully fails to comply with a direction issued to him under section 268 (5), he shall be punishable with simple imprisonment for a term up to six months, or with fine, or with both.".

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