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Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
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.
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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TaxTMI 
TaxTMI 
