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The Central Board of Direct Taxes (CBDT) has amended its instructions regarding the Black Money Act, 2015. According to the latest change, prosecution proceedings under Section 49/50 would not be initiated in cases where a penalty under Section 42/43 is not imposed or is ‘imposable’.
This means one will not face penalties if they have not disclosed foreign assets valued up to ₹20 lakh under Sections 42 and 43. They also won't be prosecuted under Sections 49 and 50.
Earlier, anyone having assets worth Rs. 5 lakh obtained through black money didn’t face penalty, now that limit has been raised to Rs. 20 lakh
The statement reportedly said, “In view of the above and in exercise of powers under Section 84 of the BMA, 2015 read with Section 119 of the Income Tax Act,1961.
The Board hereby amends Instruction dated March 15, 2022 and directs that prosecution proceedings under Section 49 and/or 50 of BMA, 2015, would not be initiated in cases where penalty under Section 42 and/or 43 of the BMA, 2015 is not imposed or imposable in relation to assets covered under the proviso to aforesaid sections i.e. an asset or assets (other than immovable property) where the aggregate value of such asset or assets does not exceed a value equivalent to Rs. 20 lakh at any time during the relevant previous year”.
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