Amended and updated notes on section 276D of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Failure to produce accounts and documents.
Chapter XXII (Sections 275A to 280D) of the Income Tax Act 1961 deals with the provisions related to offences and prosecutions. Section 276D of IT Act 1961 provides for Failure to produce accounts and documents.
Recently, we have discussed in detail section 276CC (Failure to furnish returns of income) of IT Act 1961. Today, we learn the provisions of section 276D of Income-tax Act 1961. The amended provision of section 276D is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 276D of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-276D: Failure to produce accounts and documents
If a person wilfully fails to produce, or cause to be produced, on or before the date specified in any notice served on him under sub-section (1) of section 142, such accounts and documents as are referred to in the notice or wilfully fails to comply with a direction issued to him under sub-section (2A) of that section, he shall be punishable with rigorous imprisonment for a term which may extend to one year and with fine.