Amendments in section 42 and 43 of the Black Money Act, 2015 relating to penalty for failure to disclose foreign income and asset in the ITR (TAX ADMINISTRATION)
24 July, 2024
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Penalty exemption threshold for undisclosed foreign assets increased, reducing penalty exposure for small value foreign holdings. Amendments to sections 42 and 43 of the Black Money Act reinforce resident reporting obligations for foreign assets and income and confirm that failure to ... Summary
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Penalty exemption threshold for undisclosed foreign assets increased, reducing penalty exposure for small value foreign holdings.
Amendments to sections 42 and 43 of the Black Money Act reinforce resident reporting obligations for foreign assets and income and confirm that failure to disclose may attract a penalty under section 42 or 43. The Finance Bill proposes raising the proviso exemption for low value assets (other than immovable property) so the sections will not apply where the aggregate value of such assets does not exceed a revised threshold, addressing stakeholder concerns that the prior threshold led to penalties disproportionate to asset value.
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