7 key updates:
1. Formal written notice will be issued before any prosecution.
2. Taxpayers will receive a mandatory 30-day grace period to rectify non-compliance.
3. Failure to comply within 30 days may lead to prosecution.
4. Maximum penalties include a Rs. 400,000 fine, six months’ imprisonment, or both.
5. Prosecution applies to failures such as not registering, not filing tax returns and not submitting required annual statements.
6. The measures target deliberate tax evaders, not cooperative taxpayers.
7. Individuals with no tax liability who only require a TIN will not face prosecution, while those with inactive tax files may apply to have them closed. (Newswire)
