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of <h1>Finance Bill 2012 amends Section 276CC, raising tax evasion threshold and reducing imprisonment for lesser offenses.</h1> Clause 102 of the Finance Bill, 2012, amends section 276CC of the Income-tax Act, effective July 1, 2012. It increases the threshold for tax evasion from one hundred thousand rupees to twenty-five hundred thousand rupees. Additionally, it reduces the maximum imprisonment term for lesser evasion cases from three years to two years. The section addresses penalties for willful failure to file required income or fringe benefit returns, with penalties including imprisonment and fines based on the amount of tax evaded.
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