https://www.desidime.com/comments/permalink/10224951
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No penalty for non-disclosure of foreign assets worth up to Rs 20 lakh: Budget 2024
No penalty for non-disclosure of foreign ESOPs, pension assets worth up to Rs 20 lakh: Budget 2024
Now, tax-payers with foreign movable assets
valued at up to Rs 20 lakh will not have to pay any penalty under the
Black Money Act.
Finance Minister Nirmala Sitharaman's Budget 2024 has announced relief for Indian employees working with multinational companies and deputed abroad for assignments.
They get ESOPs from such companies and often have to open bank accounts and enroll into social security schemes abroad. Now, non-reporting of such financial assets valued at up to Rs 20 lakh will not invite any penalty.
Under the current rules, an inaccurate disclosure or failure to report such foreign assets in income tax returns can result in penalty of up to Rs 10 lakh under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
"Non-reporting of such small foreign assets has penal consequences under the Black Money Act. Such non-reporting of movable assets up to Rs 20 lakh is proposed to be de-penalised," Sitharaman said during her Budget speech.
This was indeed a very necessary and positive step for small investors. I have seen many paying penalties in lacs for a mere Rs. 500 foreign investment.
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https://www.desidime.com/comments/permalink/10224976
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https://www.desidime.com/comments/permalink/10225122
20L is peanuts for someone working abroad
https://www.desidime.com/comments/permalink/10225429
so what if my foreign assets last year grow more than 20lakhs in 1 year and again i buy 19.99 lakh stuff in this year
so what are the implications in this situation??
https://www.desidime.com/comments/permalink/10225451
It's not per year limit.
At the time of filing ITR, if your cumulative foreign assets are below 20 Lac and you FORGET to mention that, then they will not put penalty under the Black Money Act.
This is not any income exception. If there is any income tax liability, then you need to pay that. And even if your assets are below 20 Lac, showing it under the ITR is still necessary.
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20L is peanuts for someone working abroad