Budget 2024-25: Black Money Act Liabilities to be Settled Against Seized Assets from October 2024

The Budget 2024-25 introduces an amendment to Section 132B of the Income-tax Act, 1961, effective from October 2024. This amendment allows liabilities under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, to be settled using seized assets. Previously, liabilities from other tax laws could be recovered from such assets, but the Black Money Act was excluded. This change ensures comprehensive liability coverage, allowing authorities to use seized assets to settle all relevant tax dues, including those under the Black Money Act.