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Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Bill, 2015, popularly known as Black Money Bill passed by both the Houses of Parliament, requires all Indians to declare undisclosed foreign assets and income.
This bill will be effective from 01.04.2016. It is expected that the compliance window could be open for 2-3 months to declare undisclosed income and assets. A further six months could be provided to make tax payments.
Key Highlights of the CBDT’s Instruction :
This ensures that inadvertent omissions in disclosure (like overlooked bank accounts or investments abroad) won’t attract punitive or criminal consequences.
However, it’s crucial to remember this is an internal CBDT instruction, not a legislative amendment. The criminal provisions under Sections 49/50 still remain intact in the law, and this instruction merely dis-incentivizes initiating prosecution in such low-value cases.
Threshold & Asset Type | Penalty (Sections 42/43) | Prosecution (Sections 49/50) |
---|---|---|
Up to ₹20 lakh (foreign assets, excl. immovable) | No penalty | No prosecution (by instruction) |
Above ₹20 lakh | Penalty likely | Prosecution possible |
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