When prosecution under section 276CC shall not be launched?
No prosecution under this provision shall be launched for failure to furnish return of income under section 139(1), if:

The return is furnished by the assessee before the expiry of the assessment year or an updated return is furnished within 24 months from the end of the relevant assessment year; or
The tax payable by such person (not being a company) on the total income determined on regular assessment, as reduced by advance tax or self-assessment tax paid before the expiry of the assessment year or tax deducted or tax collected at source, does not exceed Rs. 10,000.​