Amendment made in the Income-tax Act by the Finance Act, 2012 in respect of prosecution proceeding under the Act

Amendment made in the Income-tax Act by the Finance Act, 2012 in respect of prosecution proceeding under the Act https://www.taxtmi.com/circulars?id=68271 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. en-us Wed, 21 Aug 2013 00:00:00 +0530 Fri, 21 Mar 2025 16:59:00 +0530 TaxTMI RSS Generator Amendment made in the Income-tax Act by the Finance Act, 2012 in respect of prosecution proceeding under the Act https://www.taxtmi.com/circulars?id=68271 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. Circulars Income Tax Wed, 21 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=68271