Section 24. Punishment for failure to furnish return and for the false return or information

(1) If any person who is under an obligation to furnish a return under this Act refuses or wilfully fails to furnish the return within the time specified in section 10 or in the notice under sub-section (1) of section 11 or within the further time, if any allowed by the authorised officer, he shall be punishable with fine which may extend to five hundred rupees. (2) If any person who, after having been convicted under subsection (1) continues, to refuse or wilfully fail to furnish the return, he shall be punishable with fine which may extend to fifty rupees for each day after the previous date of conviction during which he continued so to offend. (3) If any person who is under an obligation to furnish any return or information under this Act, furnishes a return or information which he knows or has reason to believe to be false, he shall be punishable with fine which may extend to five hundred rupees.