Relaxation of prosecution under the Black Money Act excludes small-value foreign assets from sections 49 and 50. The Finance Bill proposes that sections 49 and 50 of the Black Money Act will not apply to foreign assets (other than immovable property) where the ... Summary
Relaxation of prosecution under the Black Money Act excludes small-value foreign assets from sections 49 and 50.
The Finance Bill proposes that sections 49 and 50 of the Black Money Act will not apply to foreign assets (other than immovable property) where the aggregate value does not exceed twenty lakh rupees, thereby excluding prosecution for minor or inadvertent nondisclosures and aligning prosecution exposure with the Act's penalty framework; the amendment is to have retrospective effect from 1 October 2024.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
