Sections 42 and 43 of the Black Money Act, 2015 impose penalties ...

Budget: No penalties for not disclosing foreign assets (excl. property) up to Rs. 20L in ITRs. Effective 1st Oct 2024. :

Notes Bill

July 28, 2024

Sections 42 and 43 of the Black Money Act, 2015 impose penalties for failure to disclose foreign income and assets in ITRs by resident and ordinarily resident individuals. Currently, penalties are not applicable if the aggregate value of foreign bank accounts does not exceed Rs. 5 lakh. To provide relief, it is proposed to amend these sections to exempt penalties if the aggregate value of foreign assets (excluding immovable property) does not exceed Rs. 20 lakh. This amendment will be effective from October 1, 2024.

View Source

← Previous Next →

Sections 42 and 43 of the Black Money Act, 2015 impose penalties ...

Budget: No penalties for not disclosing foreign assets (excl. property) up to Rs. 20L in ITRs. Effective 1st Oct 2024. :

Notes Bill

July 28, 2024

You may also like:

CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets - News

Section 3(1) of Black Money Act provides for taxation of undisclosed foreign assets in the year they came to notice of Assessing Officer. Assets acquired before Act's...

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Capital gains taxation streamlined with short-term gains on certain financial assets attracting 20% tax and long-term gains on all assets attracting 12.5% tax. Exemption...

Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...

In the case, ITAT decided on two main issues: 1. Addition on account of Gold and Silver Jewellery u/s 69A: Assessee disclosed Rs. 70,00,000 as unexplained investment...

Accrual of income - Difference between the receipts as per books and form No.26AS - Assessee has shown turnover of Rs.10.09 crores, declaring GP at 9.16% and Net Profit...

Reopening of assessment - allegation of undisclosed source of purchase of property - If the Assessing Officer has to say that there are two properties purchased, either...

Annual Return on Foreign Liabilities and Assets Reporting by Indian Companies

The case involves imposition of penalty on a Customs House Agent (CHA) u/s 114 (iii) of the Customs Act 1962 for misusing drawback benefit through fraudulent exports....

Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than...

Short Term Capital Gain u/s 50 - sale of property being part of block of assets - the other property never entered the block of depreciable asset as income from them was...

Clandestine removal of goods denied CENVAT credit. Liability for duty, interest, and penalty from FY 2007-08 to 2011-12 assessed. Differential duty demand of Rs....

Levy of penalty- Fraudulent issuance of GDRs by the Company - the imposition of penalty upon the appellant after 12 years from date of resigning is excessive. In a large...

BUDGET SUMMARY WITH MAJOR HIGHLIGHTS OF THE INTERIM BUDGET 2019-20

Quick Updates: