Amendments to Black Money Act 2015: Increased Penalty Threshold for Undisclosed Foreign Assets in ITR

The Black Money Act, 2015 has been amended to raise the penalty threshold for undisclosed foreign assets in Income Tax Returns. Effective October 1, 2024, assets valued under INR 20 lakhs, excluding immovable property, will be exempt from penalties under sections 42 and 43, increased from the previous INR 5 lakh limit. This change aims to prevent disproportionate penalties where asset values are low compared to fines. All residents must still disclose foreign assets and income in their returns to avoid penalties.