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of <h1>Finance Bill 2012: Amendments to Section 276C Raise Tax Evasion Threshold and Reduce Imprisonment Term</h1> Clause 101 of the Finance Bill, 2012 proposes amendments to section 276C of the Income-tax Act, effective from July 1, 2012. The amendments increase the threshold for tax evasion from one hundred thousand rupees to twenty-five hundred thousand rupees. Additionally, the maximum imprisonment term for such offenses is reduced from three years to two years in both sub-sections (1) and (2). These changes pertain to the penalties for individuals who wilfully attempt to evade taxes, penalties, or interest under the Act, while maintaining the possibility of fines.
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