Archive · 22 Aug 2025
I-T Department Revises Prosecution Rules for Undisclosed Foreign Assets
The Income Tax Department is making a change to help people with small amounts of money in foreign accounts.
They're raising the amount of money you can have in those accounts before they might take legal action against you.
If the total amount is under ₹20 lakh, they won't prosecute you, unless it's property.
This change, starting October 1, 2024, aligns with a new law and aims to make things fairer, especially for those who might have made small mistakes or overlooked some rules.
I-T Department revised instructions to avoid prosecution for undisclosed foreign assets.
The threshold for non-prosecution increased to ₹20 lakh, excluding immovable property.
Earlier threshold was ₹5 lakh; new limit effective October 1, 2024.
The amendment aligns with the Finance Act 2024.
This change aims to provide relief to taxpayers.
- Who
- Income Tax Department and Taxpayers.
- What
- I-T Department revised instructions on prosecution for undisclosed foreign assets.
- When
- Effective from October 1, 2024.
- Where
- India
- Why
- To provide relief to taxpayers and align with amended law.
- Threshold for Non-Prosecution
- ₹20 lakh (excluding immovable property)
- Previous Threshold
- ₹5 lakh
- Effective Date
- October 1, 2024
- Related Act
- Black Money Act (BMA), 2015
- Governing Body
- CBDT (Central Board of Direct Taxes)
