Tax evasion punishment thresholds revised for false declarations, with graded imprisonment and fine based on the amount involved.

Amends the punishment provision in section 484 of the Income-tax Act for false declarations, accounts or statements, or wilful attempts to evade tax, penalty or interest. The revised provision prescribes simple imprisonment up to two years, or fine, or both for the higher evasion category; simple imprisonment up to six months, or fine, or both for the intermediate category; and fine in all other cases.

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