Monetary threshold increase narrows prosecution triggers, tightening imprisonment and fine eligibility under specified income tax offences. Finance Act, 2012 raised the monetary threshold for initiating prosecution under Chapter XXII of the Income tax Act for offences including wilful tax evasion, failure to furnish returns, false verification statements, and abetment of false returns; where the enhanced threshold is exceeded the offences attract rigorous imprisonment (minimum six months, up to seven years) and fine. The amendment is effective from 01.07.2012 and the Prosecution Manual, 2009 should be updated to reflect this and related legislative changes.
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Monetary threshold increase narrows prosecution triggers, tightening imprisonment and fine eligibility under specified income tax offences.
Finance Act, 2012 raised the monetary threshold for initiating prosecution under Chapter XXII of the Income tax Act for offences including wilful tax evasion, failure to furnish returns, false verification statements, and abetment of false returns; where the enhanced threshold is exceeded the offences attract rigorous imprisonment (minimum six months, up to seven years) and fine. The amendment is effective from 01.07.2012 and the Prosecution Manual, 2009 should be updated to reflect this and related legislative changes.
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