The Central Board of Direct Taxes (CBDT) has eased provisions under the Black Money (Undisclosed Foreign Income and Assets) Act, 2015. As per the revised guidelines, prosecution under Sections 49 and 50 will not be initiated if no penalty is levied or is imposable under Sections 42 and 43.This effectively raises the exemption threshold for undisclosed foreign assets from ₹5 lakh to ₹20 lakh. Individuals holding foreign assets worth up to ₹20 lakh will not face penalty or prosecution under the Act.The CBDT notification stated that the amendment comes into effect from the date when changes to Sections 42 and 43 of the BMA, introduced through the Finance (No. 2) Act, 2024, became applicable.

