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
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
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.
CAclubindia
