Select black money holders to get relief: Income tax dept. to not not apply penalty and prosecution in these situations

The Income Tax Department offers relief regarding unintentional black money. Individuals failing to disclose foreign assets up to Rs 20 lakh may avoid penalties and prosecution. This applies to assets excluding immovable property. The Central Board of Direct Taxes amended its instructions. The new rule aims to provide relief for unintentional omissions. It focuses enforcement on significant cases of non-disclosure.

from Tax-Wealth-Economic Times https://ift.tt/bl6vn1t