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

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.... Board of Direct Taxes (Investigation Division-V) New Delhi, Dated: 18, August, 2025 INSTRUCTION Subject: Amendment of Instruction issued under Section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 ("BMA, 2015") read with Section 119 of the Income tax Act, 1961 regarding prosecution provisions under BMA, 2015-reg Central Board of Direc....

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....2) Act, 2024 has substituted the proviso to section 42 and 43 of the BMA, 2015 w.e.f 01.10.2024 and current proviso to section 42 and section 43 reads as under: "Provided that this section shall not apply in respect of an asset or assets (other than immovable property) where the aggregate value of such asset or assets does not exceed twenty lakh rupees". 3. The amendment has expanded t....

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.... hereby amends Instruction dated 15.03.2022 and directs that prosecution proceedings under section 49 and/or 50 of BMA, 2015, would not be initiated in cases where penalty under section 42 and/or 43 of the BMA, 2015 is not imposed or imposable in relation to assets covered under the proviso to aforesaid sections i.e an asset or assets (other than immovable property). where the aggregate value of s....