Section 482 — False statement in verification, etc

If a person makes a statement in any verification under this Act or under any
rule made thereunder, or delivers an account or statement which is false,
and which he either knows or believes to be false, or does not believe to be true, he
shall be punishable,—
27[(a) with simple imprisonment for a term up to two years, or with fine, or
with both, where the amount of tax, which would have been evaded if the
statement or account had been accepted as true, exceeds fifty lakh rupees;
or
( b) with simple imprisonment for a term up to six months, or with fine, or
with both, where the amount of tax, which would have been evaded if the
26. Sections 480 and 481 substituted by the Finance Act, 2026, w.e.f. 1-4-2026. Prior to their
substitution, sections 480 and 481 read as under :
“480. Failure to furnish return of income in search cases.—If a person wilfully fails to furnish
in due time the return of total income which is required to be furnished by notice given under
section 294(1)(a), he shall be punishable with imprisonment for a term which shall not be
less than three months but which may extend to three years and with fine.
481. Failure to produce accounts and documents.— If a person wilfully fails to produce, or
cause to be produced, the accounts and documents as are referred to in the notice served
on him under section 268(1) on or before the date specified in such notice, or wilfully fails
to comply with a direction issued to him under section 268(5), he shall be punishable with
rigorous imprisonment for a term which may extend to one year and with fine.”
27. Clauses (a), (b) and (c) substituted for clauses ( a) and (b) by the Finance Act, 2026, w.e.f.
1-4-2026. Prior to their substitution, clauses (a) and (b) read as under :
“( a) in a case, where the amount of tax, which would have been evaded if the statement
or account had been accepted as true, exceeds twenty-five lakh rupees, with rigorous
imprisonment for a term which shall not be less than six months but which may
extend to seven years, and with fine;
( b) in any other case, with rigorous imprisonment for a term which shall not be less
than three months but which may extend to two years, and with fine.”
statement or account had been accepted as true, exceeds ten lakh rupees
but does not exceed fifty lakh rupees; or
( c) with fine, in any other case.]