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of <h1>Penalties under sections 42-43 and prosecutions under 49-50 not applicable for undisclosed foreign assets = Rs 20 lakh</h1> The tax authority has amended an earlier instruction under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 to align with a 2024 statutory change: penalties under sections 42 and 43 will not apply to non-immovable undisclosed foreign assets whose aggregate value does not exceed Rs.20 lakh. Consequently, prosecution under sections 49 and 50 likewise will not be initiated where penalty is not imposed or imposable for such assets. The amendment, issued under the authority's powers in the Act and the Income-tax Act, takes effect from the date the statutory proviso became effective.
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