Careful! 7 Years Imprisonment For Willful Tax Evasion, Know What The Income Tax Department Says?

0
135

Tax evasion is a very big crime. The Income Tax Department has a stringent punishment against tax evaders. 

If a person attempts to defraud in any way by reducing or pledging any type of tax, penalty or interest, or reporting his income, he should be given a minimum of 3 months to 7 years of bars.

Will have to put it back. Apart from this, you will also have to pay a fine. There is a provision of punishment under Section 276C of the Income Tax Act for committing willful tax evasion.

Under Section 276 (C) of the Income Tax Department, if a person tries to conceal tax of more than 25 lakh rupees, he can be sentenced to a minimum of 6 months in jail. At the same time, the maximum sentence in this crime is 7 years in jail. 

Also Read:   Microsoft Will Invest Before Bringing OYO IPO, Valuation Is $ 9 Billion

However, if the tax concealed under section 276C (2) does not exceed Rs 25 lakh, then the taxpayer can face a minimum jail term of 3 months, which can be up to a maximum of 2 years.

Explain that a case can be filed against you under this section only if you have deliberately hidden tax. The taxpayer willfully not mention it in any book or document related to the account. 

Apart from this, now if you have to enter wrong information in any book or document related to the account, then you will have to eat the air of jail. 

Any other activity that proves that you have tried to hide the tax, then you will have to go to jail. However, according to the rules of the Income Tax Department, no person can be fined, prosecuted or given any other punishment without giving him a chance to clean it up.

Also Read:   9 August 2021 Stocks In News: These Are Today's News Stocks, Do Not Miss Them
Previous articleDiesel Price Reduced By Rs 8.36 Per Liter In Delhi, Kejriwal Government Reduced VAT
Next articlePM Kisan Samman Nidhi: Only 2 Days Left For New Installment, Check Your Name Like This

LEAVE A REPLY

Please enter your comment!
Please enter your name here