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of <h1>Clause 173: False Statements on Equalisation Levy May Lead to 3-Year Jail Term and Fine, Non-Cognizable Offence.</h1> Clause 173 of the Finance Bill, 2016, addresses the punishment for making false statements in verifications or accounts under the Equalisation Levy provisions. If a person knowingly or recklessly makes a false statement, they may face imprisonment for up to three years and a fine. Additionally, such offences are classified as non-cognizable under the Code of Criminal Procedure, 1973, meaning they do not permit arrest without a warrant and require a court's permission for investigation.
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