SHORT ANSWER:
The punishment for false income declaration can include fines and imprisonment under the Income Tax Act.
DETAILS:
- Under Section 277 of the Income Tax Act, if a person makes a false statement in their income tax return, they can be penalized.
- The penalty can be a fine or imprisonment for a term that may extend to 7 years.
PUNISHMENT / IMPLICATIONS (if applicable):
- Imprisonment for a term of up to 7 years.
- Fine as determined by the court.
SOURCE:
- Income Tax Act, 1961
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