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Aug 30, 2025
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Select black money holders to get relief: Income tax dept. to not not apply penalty and prosecution in these situations
The Central Board of Direct Taxes (CBDT) has amended its internal instructions dated August 18, 2025, regarding the Black Money Act, 2015. According to the said instructions prosecution proceedings under Section 49/50 would not be initiated in cases where penalty under Section 42/43 is not imposed or is ‘imposable’.
In simpler terms it means if someone doesn’t disclose foreign assets (excluding immovable property) valued up to Rs 20 lakh in total, he/she won’t face penalties under Sections 42 and 43, and also won’t be prosecuted under Sections 49 and 50.
This internal instruction circular about amended rules for the Black Money law, referenced in this article (F. No. 285/46/2021-IT(Inv.V)/88) dated August 18, 2025, is not available in public domain. ET Wealth Online has verified the authenticity of this circular through its sources. None of the information from the circular reported in this article has been altered or edited.
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