SHORT ANSWER:
Tax evasion penalties are governed by the Income Tax Act, which applies uniformly across India, not varying by state.
DETAILS:
- The Income Tax Act, 1961, outlines penalties for tax evasion.
- Penalties can include fines and imprisonment depending on the severity of the evasion.
PUNISHMENT / IMPLICATIONS (if applicable):
- Fines can range from 100% to 300% of the tax evaded.
- Imprisonment can be for a term of up to 7 years for severe cases.
SOURCE:
- Income Tax Act, 1961
Related Questions: