Income-tax false-verification penalties adjusted: simple imprisonment or fines for tax evaded over 50 lakh, 10-50 lakh, or otherwise. The amendment replaces rigorous-imprisonment penalties for false statements in verifications under the Income-tax Act with a tiered regime: simple imprisonment up to two years or fine where tax evaded exceeds fifty lakh rupees; simple imprisonment up to six months or fine where tax evaded exceeds ten lakh but does not exceed fifty lakh; and fine in all other cases. The change removes prior minimum rigorous-imprisonment terms and establishes clear monetary thresholds; it takes effect from 1st April, 2026.
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Income-tax false-verification penalties adjusted: simple imprisonment or fines for tax evaded over 50 lakh, 10-50 lakh, or otherwise.
The amendment replaces rigorous-imprisonment penalties for false statements in verifications under the Income-tax Act with a tiered regime: simple imprisonment up to two years or fine where tax evaded exceeds fifty lakh rupees; simple imprisonment up to six months or fine where tax evaded exceeds ten lakh but does not exceed fifty lakh; and fine in all other cases. The change removes prior minimum rigorous-imprisonment terms and establishes clear monetary thresholds; it takes effect from 1st April, 2026.
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