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of <h1>Taxpayer faces criminal prosecution for false tax statements under Section 277 and proposed Clause 482 with graded punishment</h1> A taxpayer faces criminal prosecution for making false statements in tax verifications or submitting false accounts under both the existing Income Tax Act, 1961 (Section 277) and the proposed Income Tax Bill, 2025 (Clause 482). The provisions require proof that the person knew or believed the statement was false. Punishment is graded based on potential tax evasion: where evaded tax exceeds twenty-five lakh rupees, rigorous imprisonment ranges from six months to seven years plus fine; in other cases, three months to two years plus fine. The 2025 Bill maintains nearly identical language and structure as the 1961 Act, ensuring continuity in enforcement and judicial interpretation while deterring deliberate tax evasion.
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