https://www.taxtmi.com/acts?id=53260 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. en-us Sun, 01 Feb 2026 16:03:06 +0530 Mon, 02 Feb 2026 11:07:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53260 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. Act-Rules Bills Sun, 01 Feb 2026 16:03:06 +0530 https://www.taxtmi.com/acts?id=53260