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of <h1>Amendment to Section 132B of Income-tax Act to include undisclosed foreign income liabilities, effective October 1, 2024.</h1> The Union Budget 2024-25 proposes an amendment to Section 132B of the Income-tax Act, 1961, to include liabilities under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This change will allow for the recovery of liabilities related to undisclosed foreign income and assets from seized assets, aligning with other tax liabilities managed by the Central Board of Direct Taxes. The amendment aims to streamline the process of extinguishing tax liabilities through asset seizure and will be effective from October 1, 2024.
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