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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....elhi, 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 Direct taxes ('Board') had issued an Instruction, vide F.No.285/....

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....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 the scope of assets, which are not amenable to penalty provisions under section....