Quick Summary
The Central Board of Direct Taxes (CBDT) has issued a significant amendment to its earlier instruction dated March 15, 2022, concerning prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA, 2015). Previously, the Board had clarified that prosecution under sections 49 and 50 of BMA, 2015, would not be initiated where penalties under sections 42 and 43 were not imposed or imposable in cases of small-value undisclosed foreign bank accounts
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1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
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3 Years PLAN
4999
(Excl. of GST ₹899)
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FAQ :
The exemption limit for undisclosed foreign assets, excluding immovable property, has been raised from £5 lakh to £20 lakh.
The new exemption limit is effective from October 1, 2024, coinciding with the Finance (No. 2) Act, 2024.
No, the increased exemption limit of £20 lakh specifically excludes immovable property.
The previous exemption limit for undisclosed foreign bank accounts was £5 lakh.
The amendment aims to provide relief from prosecution for individuals with low-value undisclosed foreign assets and to focus enforcement on significant cases of undeclared wealth.
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