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As per Union Budget 2024, it has been decided to remove the penalty of ₹10 lakh under Sections 42 and 43 of the Black Money Act, applicable till now, if you fail to report any foreign assets other than immovable property where the aggregate value does not exceed _____. This amendment will take effect from October 1, 2024.

1. ₹35 lakh
2. ₹30 lakh
3. ₹25 lakh
4. ₹20 lakh

Correct answer: ₹20 lakh

Solution

The Union Budget 2024 proposed relief from the penalty under the Black Money Act for certain foreign assets if their aggregate value does not exceed ₹20 lakh. This change is effective from October 1, 2024.

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