Amendment to false statement penalties changes tiers of imprisonment and fines, effective retrospectively from 1 March 2026. The amendment revises the false statement offence penalty structure by introducing tiered sanctions tied to monetary thresholds: simple imprisonment up to two years, fine, or both where the tax evaded would exceed fifty lakh rupees; simple imprisonment up to six months, fine, or both where the tax evaded exceeds ten lakh rupees but does not exceed fifty lakh rupees; and only a fine in other cases, and is deemed effective from 1 March 2026.