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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to penalties for false income tax statements introduces tiered imprisonment and fines based on tax amount</h1> Section 482 is amended to replace prior clauses with a three-tier penal regime for false or misleading income-tax statements or accounts. The amendment prescribes (a) imprisonment up to two years, or fine, or both, where the tax that would have been evaded exceeds fifty lakh rupees; (b) imprisonment up to six months, or fine, or both, where the tax exceeds ten lakh but does not exceed fifty lakh rupees; and (c) only a fine in all other cases. The operative effect is to impose graduated criminal sanctions tied to specified monetary thresholds.
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