Any person who being required by or under this Act to furnish any return fails to furnish such return or furnishes a return containing any particular which is false and which he knows to be false or does not believe to be true shall be ¹[liable to penalty which may extend to fifty thousand rupees and for subsequent failure, penalty which may extend to one lakh rupees].

1. Subs. by Act 18 of 2023, s. 2 and Schedule for certain words (w.e.f. 09-08-2024).