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of <h1>Finance Act 2012: Prosecution thresholds for tax offenses raised to 25 lakhs, penalties include 6 months to 7 years imprisonment.</h1> The Finance Act, 2012 introduced amendments to the Income-tax Act regarding prosecution proceedings, effective from July 1, 2012. The monetary threshold for prosecution under Chapter XXII offenses, such as tax evasion, failure to file returns, false statements, and abetment of false returns, has been increased from one lakh to twenty-five lakhs. These offenses now carry a penalty of rigorous imprisonment ranging from six months to seven years, along with fines. The changes are to be considered in updates to the Prosecution Manual, 2009.
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