Amendment to Black Money Act excludes foreign movable assets under twenty lakh from prosecution; retrospective effect from Oct 1, 2024. Amendments to sections 49 and 50 insert a proviso excluding from those penal provisions any asset or assets (other than immovable property) where the aggregate value does not exceed twenty lakh rupees, limiting prosecution for failure to furnish returns or disclose foreign assets by a resident (other than not ordinarily resident), and providing that the provisos operate retrospectively from 1 October 2024 to align with the thresholds in sections 42 and 43.
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Provisions expressly mentioned in the judgment/order text.
Amendment to Black Money Act excludes foreign movable assets under twenty lakh from prosecution; retrospective effect from Oct 1, 2024.
Amendments to sections 49 and 50 insert a proviso excluding from those penal provisions any asset or assets (other than immovable property) where the aggregate value does not exceed twenty lakh rupees, limiting prosecution for failure to furnish returns or disclose foreign assets by a resident (other than not ordinarily resident), and providing that the provisos operate retrospectively from 1 October 2024 to align with the thresholds in sections 42 and 43.
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