CBDT Revises Instruction under Black Money Act, 2015 – No Prosecution for Undisclosed Foreign Assets Below Rs.20 Lakh (Excluding Immovable Property)

CBDT Revises Instruction under Black Money Act, 2015 – No Prosecution for Undisclosed Foreign Assets Below Rs.20 Lakh (Excluding Immovable Property) https://www.taxtmi.com/circulars?id=68763 The Board directs that prosecution proceedings will not be initiated where penalty is not imposed or imposable in relation to assets (other than immovable property) whose aggregate value does not exceed the prescribed threshold; this amendment aligns the prior instruction with the statutory change and is effective from the date the proviso to the penalty provisions was amended. en-us Mon, 18 Aug 2025 00:00:00 +0530 Fri, 22 Aug 2025 12:55:00 +0530 TaxTMI RSS Generator CBDT Revises Instruction under Black Money Act, 2015 – No Prosecution for Undisclosed Foreign Assets Below Rs.20 Lakh (Excluding Immovable Property) https://www.taxtmi.com/circulars?id=68763 The Board directs that prosecution proceedings will not be initiated where penalty is not imposed or imposable in relation to assets (other than immovable property) whose aggregate value does not exceed the prescribed threshold; this amendment aligns the prior instruction with the statutory change and is effective from the date the proviso to the penalty provisions was amended. Circulars Income Tax Mon, 18 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/circulars?id=68763