BUDGET
Extends immunity from prosecution under the Black Money Act
This story was originally published at 20:40 IST on 1 February 2026
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MUMBAI — The government has proposed to give immunity from prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, for non-disclosure of non-immovable assets with aggregate value less than INR 20 million. This will be effective retrospectively from October 1, 2024, Finance Minister Nirmala Sitharaman proposed in the Union Budget for 2026–27 (Apr–Mar) on Sunday.
The Finance Bill 2026 proposes to amend sections 49 and 50 of the act to provide relief for cases involving non-disclosure of small foreign assets.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 makes provisions to deal with the problem of black money that is undisclosed foreign income and assets, procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto.
Reported By Arya S. Biju
Edited by Deepshikha Bhardwaj
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