https://www.taxtmi.com/acts?id=53891 Section 482 of the Income-tax Act is amended to substitute a graded punishment structure for false statements or accounts linked to tax evasion. Where the evaded tax exceeds fifty lakh rupees, the provision prescribes simple imprisonment up to two years, or fine, or both. Where the evaded tax exceeds ten lakh rupees but does not exceed fifty lakh rupees, it prescribes simple imprisonment up to six months, or fine, or both. In all other cases, the punishment is fine only. en-us Tue, 31 Mar 2026 15:54:32 +0530 Tue, 31 Mar 2026 15:54:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53891 Section 482 of the Income-tax Act is amended to substitute a graded punishment structure for false statements or accounts linked to tax evasion. Where the evaded tax exceeds fifty lakh rupees, the provision prescribes simple imprisonment up to two years, or fine, or both. Where the evaded tax exceeds ten lakh rupees but does not exceed fifty lakh rupees, it prescribes simple imprisonment up to six months, or fine, or both. In all other cases, the punishment is fine only. Act-Rules F. Acts / Amendment Acts Tue, 31 Mar 2026 15:54:32 +0530 https://www.taxtmi.com/acts?id=53891