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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax wilful evasion penalties revised to introduce tiered imprisonment and fines based on amount sought to be evaded</h1> Section 478 of the Income-tax Act is amended to replace subsections (1) and (2) with a tiered criminal penalty scheme for wilful attempts to evade tax, penalty or interest and for wilful under-reporting of income. Both offences attract three tiers of punishment: where the amount sought to be evaded or under-reported exceeds fifty lakh rupees, punishment may include simple imprisonment up to two years or fine or both; where it exceeds ten lakh but does not exceed fifty lakh rupees, imprisonment may extend up to six months or fine or both; in other cases, only a fine is prescribed. The amendment links criminal liability and sentencing directly to monetary thresholds.
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