BUDGET
Immunity on non-disclosure of some foreign assets from Oct 2024
This story was originally published at 17:54 IST on 1 February 2026
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--BUDGET: Moot immunity from prosecution on non-disclosure of some foreign assets
MUMBAI – The government has proposed to provide immunity from non-disclosure of non-immovable foreign assets with retrospective effect from Oct. 1, 2024, Finance Minister Nirmala Sitharaman said while presenting the Union Budget for 2026-27 (Apr-Mar) on Sunday.
"There is no penalty presently for non-disclosure of non-immovable foreign assets with aggregate value less than 20 lakh rupees (INR 2 million). I propose to also provide them with immunity from prosecution with retrospective effect from 1.10.2024 (Oct. 1, 2024)," Sitharaman said.
This proposal was part of a wider set of tax proposals, including integration of assessment and penalty proceedings, to avoid multiplicity. Moreover, penalties for certain technical defaults such as failure to get accounts audited, non-furnishing of transfer pricing audit report, and default in furnishing statement for financial transactions, are proposed to be converted into fee. End
Reported by Kabir Sharma
Edited by Ashish Shirke
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