Failure to furnish returns of income.

If a person wilfully fails to furnish in due time 1[the return of fringe benefits which he is required to furnish under sub-section (1) of section 115WD or by notice given under sub-section (2) of the said section or section 115WH or] the return of income which he is required to furnish under sub-section (1) of section 139 or by notice given under 2[clause (i) of sub-section (1) of section 142] or 3[section 148 or section 153A,] he shall be punishable,—

1. (i) in a case where the amount of tax, which would have been evaded if the failure had not been discovered, exceeds 4[twenty-five hundred thousand rupees], with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine;
2. (ii) in any other case, with imprisonment for a term which shall not be less than three months but which may extend to 5[two years] and with fine: Provided that a person shall not be proceeded against under this section for failure to furnish in due time the 6[return of fringe benefits under sub-section (1) of section 115WD or return of income under sub-section (1) of section 139]—
3. (i) for any assessment year commencing prior to the 1st day of April, 1975; or (ii) for any assessment year commencing on or after the 1st day of April, 1975, if—

1. (a) the return is furnished by him before the expiry of the assessment year; or (b) the 7[tax payable by such person, not being a company,] on the total income determined on regular assessment, as reduced by the advance tax, if any, paid, and any tax deducted at source, does not exceed three thousand rupees.]]