Substitution of new sections for sections 480 and 481
Section 115 of the Finance Act, 2026 deals with substitution of new sections for sections 480 and 481. Substitution of new sections for sections 480 and 481.
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.".
Section 115, The Finance Act, 2026 (Act 4 of 2026).
Questions about Section 115
What does Section 115 of the Finance Act deal with?
Section 115 of the Finance Act is headed "Substitution of new sections for sections 480 and 481". Substitution of new sections for sections 480 and 481.
How do I find court cases under Section 115 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2026 115, section 115 Finance Act 2026, section 115 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
When was the Finance Act enacted?
Finance Act was enacted in 2026 as Act 4 of 2026. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. -11686 words
- 3. Income-tax under Act 30 of 20258033 words
- Fourth Schedule. -4078 words
- 2. Income-tax under Act 43 of 19612736 words
- 26. Substitution of new sections for sections 276B, 276BB, 276C, 276CC, 276CCC and 276D1437 words
- Fifth Schedule. -1363 words
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