Amendments in Black Money Act to remove penalty on undisclosed foreign assets worth ₹20 lakh: CBDT chief
4 months, 4 weeks ago

Amendments in Black Money Act to remove penalty on undisclosed foreign assets worth ₹20 lakh: CBDT chief

Live Mint  

Union Minister Nirmala Sitharaman tabled the Finance Bill in the parliament as part of the Union Budget 2024-25, which included an amendment to the Black Money Act. Central Board of Direct Taxes Chairman Ravi Agarwal stated on 25 July that the amendment in the Black Money Act would provide taxpayers relief from penalty when a situation arises if they fail to disclose overseas assets worth ₹20 lakh. Though he mentioned the obligation to report the transaction has not been eliminated, Moneycontrol reported that, as per details, the Black Money Act amendments in Sections 42 and 43 will be part of the Finance Bill. An amendment in the Black Money Act is proposed that If the value of the overseas asset is up to ₹20 lakh, and is not disclosed, there will be no penalty if it's a bonafide mistake on the part of the taxpayer,” Moneycontrol quoted Agarwal as saying.

Money Black Penalty Amendment Lakh Cbdt Tax Act Black Money Act Foreign Asset  undisclosed  penalty  remove  tax  act  cbdt  amendment  chief  worth  money  lakh  black  income  foreign  asset

History of this topic

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty
5 days, 20 hours ago

Own foreign assets or income? Disclose now to avoid Rs 10 lakh penalty

India Today  

Failing to disclose foreign income and assets can land taxpayers in double trouble under both the Income Tax Act and the Black Money Act. STEPS FOR FILING AND DEADLINES Taxpayers must declare foreign income and assets in the applicable ITR for the assessment year they were a resident in India. Disclosing foreign income and assets not only ensures compliance with …

Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty | DETAILS
1 month ago

Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty | DETAILS

India TV News  

Taxpayers who have failed to declare foreign assets or income in their Income Tax Return for AY 2024-25 can file a revised return by December 31, 2024, to avoid a penalty of up to Rs 10 lakh. Revised return deadline announced The Tax Department has advised taxpayers that if the original ITR missed foreign assets or income, then file an …

Income tax department warns: ‘Declare foreign assets or pay ₹10 lakh penalty’
1 month ago

Income tax department warns: ‘Declare foreign assets or pay ₹10 lakh penalty’

Live Mint  

The Income-Tax department has today launched a new campaign warning taxpayers of ₹10 lakh penalty if they fail to disclose foreign held assets or income earned from abroad in their ITR, according to a PTI report. According to the I-T department advisory, for Indian residents a foreign asset would include bank accounts, cash value insurance contract or annuity contract, financial …

Failure to disclose foreign assets, income to invite ₹10 lakh penalty: I-T dept
1 month ago

Failure to disclose foreign assets, income to invite ₹10 lakh penalty: I-T dept

The Hindu  

The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of ₹10 lakh under the anti-black money law. The advisory specified that foreign asset, for a tax resident of India in the previous year, includes bank accounts, cash value insurance contracts or annuity …

Initiation Of Prosecution U/S 51 Of Black Money Act Not Dependent On Completion Of Assessment Proceedings U/S 10 For Tax Evasion: Delhi HC
1 month, 1 week ago

Initiation Of Prosecution U/S 51 Of Black Money Act Not Dependent On Completion Of Assessment Proceedings U/S 10 For Tax Evasion: Delhi HC

Live Law  

The Delhi High Court has held that initiation of prosecution under Section 51 of the Black Money Act, 2015 is not dependent on completion of assessment proceedings initiated against an accused under Section 10 to determine tax evasion. It is relevant to note that the assessment under the Black Money Act is being made under Section 10, which falls in …

163 Black Money Act probes conducted in 9 years
4 months, 2 weeks ago

163 Black Money Act probes conducted in 9 years

Hindustan Times  

In the last nine years, there have been 163 investigations and assessment orders passed in 652 cases raising an aggregate demand of ₹17,162 crore under the Black Money Act, the Centre informed Parliament on Tuesday. In a written reply, Union minister of state for finance Pankaj Chaudhary said in Rajya Sabha: “As on March 31, 2024, orders u/s 10/10 of …

India launched 163 probes under Black Money Act in 9 years: Centre informs Parliament
4 months, 2 weeks ago

India launched 163 probes under Black Money Act in 9 years: Centre informs Parliament

Hindustan Times  

India has launched 163 investigations and passed assessment orders in 652 cases, raising a demand of ₹17,162 crore in last nine years under the Black Money Act, the Centre informed the Parliament on Tuesday. In a written reply, Union minister of state for finance Pankaj Chaudhary said in Rajya Sabha, “As on March 31, 2024, orders u/s 10/10 of the …

Arms dealer Bhandari flouted Black Money Act, says tribunal
1 year, 4 months ago

Arms dealer Bhandari flouted Black Money Act, says tribunal

Hindustan Times  

An appellate tribunal in Delhi has ruled that fugitive arms dealer Sanjay Bhandari created assets in London and Dubai, which he didn’t disclose to the income tax authorities to evade tax, violating the black money act of 2015. “In the instant case, Bhandari indulged in evasion of tax under Section 3 and 4 of the act of 2015,” the judgement …

Once Additions Made Under Black Money Act The Same Addition Cannot Be Made Under Income Tax Act: ITAT
1 year, 8 months ago

Once Additions Made Under Black Money Act The Same Addition Cannot Be Made Under Income Tax Act: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has held that once additions have been made under the Black Money Act, the same additions cannot be made under the Income Tax Act on the same set of facts.The bench of C.N. The Delhi Bench of the Income Tax Appellate Tribunal has held that once additions have been made under …

Relevancy Of Assessment Year For Taxing Foreign Assets And Income Under The Black Money Act
1 year, 8 months ago

Relevancy Of Assessment Year For Taxing Foreign Assets And Income Under The Black Money Act

Live Law  

While presenting the Union Budget in 2015, the then Finance Minister announced, that in order to evade taxes in India some people had stashed away their money outside India and in order to curb this malaise a new legislation will be introduced to tackle the undisclosed assets and income of Indian citizens located outside India. Section 3 of the BMA …

'Assessment May Continue But No Final Order': Delhi High Court Issues Notice In Robert Vadra's Plea Against Black Money Act Proceedings
3 years, 6 months ago

'Assessment May Continue But No Final Order': Delhi High Court Issues Notice In Robert Vadra's Plea Against Black Money Act Proceedings

Live Law  

The Delhi High Court on Friday issued notice to the Central Government, Central Board of Direct Taxes and Tax Department authorities in Robert Vadra's Plea challenging the proceedings initiated by the Respondent Authorities under Black Money Act and also for quashing the notices issued to him under sec. A division bench comprising of Justice Rajiv Shakdher and Justice Talwant Singh …

Discover Related