Penalty exemption threshold expanded; certain low value foreign assets now excluded from penalty applicability. The amendment substitutes the provisos to sections 42 and 43 to provide that those penalty provisions shall not apply in respect of an asset or assets ... Summary
Penalty exemption threshold expanded; certain low value foreign assets now excluded from penalty applicability.
The amendment substitutes the provisos to sections 42 and 43 to provide that those penalty provisions shall not apply in respect of an asset or assets (other than immovable property) where the aggregate value of such asset or assets does not exceed twenty lakh rupees, with effect from 1st October, 2024.
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