Quick Summary
Amendments in section 42 and 43 of the Black Money Act, 2015 relating to penalty for failure to disclose foreign income and asset in the ITR Section 42 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Black Money Act) provides for penalty for failure to furnish details of foreign income and assets in the return of income. The said section is applicable in respect of an assessee being a resident other than not ordinarily resident in India who has fa
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FAQ :
Amendments have been made to sections 42 and 43 of the Black Money Act 2015, increasing the penalty threshold for undisclosed foreign assets reported in an Income Tax Return.
Previously, a penalty of ten lakh rupees could be imposed for failing to disclose foreign income and assets in the ITR, irrespective of the asset's value.
The new threshold states that penalties under sections 42 and 43 will not apply to assets (other than immovable property) if their aggregate value does not exceed twenty lakh rupees.
These amendments will take effect from the 1st day of October, 2024.
No, the new threshold of twenty lakh rupees does not apply to immovable property.
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