EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
Recent Searches
CBDT issued instruction to align threshold for initiation of prosecution proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) with the amended penalty provisions
The Central Board of Direct Taxes (CBDT) has issued an Instruction[1] dated 18 August 2025 (Instruction) clarifying that the prosecution proceedings under Section (S.) 49 (for failure to furnish tax return) and S. 50 (for failure to disclose foreign assets/income in tax return) of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) shall not be initiated where the default is in relation to assets (other than immovable property) of an aggregate value of INR2M or below. This is to align with amendment in penalty provisions under S. 42 (failure to furnish tax return) and S. 43 (failure to disclose foreign asset/income) vide Finance Act (No. 2), 2024 which expanded the exclusion from these penal provisions for assets (other than immovable property) of an aggregate value of INR2M or below. The Instruction is effective from 1 October 2024.
[1] Instruction No. F. No. 285/46/2021-IT (INV.V)/88