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of <h1>Taxation Laws (Amendment) Act, 1975: Stricter Penalties for False Tax Statements and Abetment Under Sections 277 and 278</h1> The Taxation Laws (Amendment) Act, 1975, revises sections 277 and 278 of the Income-tax Act, 1961, addressing false statements and abetment of false returns. Individuals making false statements in tax verifications face imprisonment and fines, with harsher penalties if the evaded tax exceeds 100,000 rupees. Repeat offenders face increased penalties. Companies and Hindu undivided families can be held liable for tax offenses, with responsible individuals subject to prosecution unless they prove lack of knowledge or due diligence. The Act also establishes presumptions regarding assets and documents found during searches, applicable in prosecutions for tax offenses.
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