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of <h1>Finance Bill 2012 amends Section 277 of Income-tax Act: Evasion threshold up, false statement penalty down.</h1> Clause 103 of the Finance Bill, 2012 proposes amendments to section 277 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 making false statements in verification is reduced from three years to two years. These changes aim to adjust the penalties associated with false statements related to tax verification under the Act.
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