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 pro
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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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