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of Sections 42 and 43 of the Black Money Act, 2015 impose penalties for failure to disclose foreign income and assets in ITRs by resident and ordinarily resident individuals. Currently, penalties are not applicable if the aggregate value of foreign bank accounts does not exceed Rs. 5 lakh. To provide relief, it is proposed to amend these sections to exempt penalties if the aggregate value of foreign assets (excluding immovable property) does not exceed Rs. 20 lakh. This amendment will be effective from October 1, 2024.
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