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of <h1>Finance Bill 2024 Amends Penalty Rules for Undisclosed Foreign Assets; Raises Exemption Limit Under Sections 42 & 43</h1> Clause 156 of the Finance (No. 2) Bill, 2024 proposes amendments to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, effective from October 1, 2024. The amendments modify sections 42 and 43, which deal with penalties for failing to furnish returns or providing inaccurate information regarding foreign assets. The revised provisos exempt assets, excluding immovable property, with an aggregate value not exceeding twenty lakh rupees from these sections. Previously, the exemption applied to bank accounts with balances not exceeding five lakh rupees. These changes aim to update penalty provisions and exemptions.
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