Black Money Act Penalty Relief: New ₹20 Lakh Limit & 2025 Updates.
Introduction Imagine receiving a notice imposing a penalty of ₹10 Lakhs simply because you forgot to mention a foreign bank account with a balance of just $500 in your Income Tax Return. For years, this was the harsh reality under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. However,…