Current Affairs · Taxation and Economy
In August 2025, the Income Tax Department announced a significant revision in the prosecution threshold for undisclosed foreign assets, excluding immovable property. This revision aims to provide more clarity and ease for taxpayers while addressing foreign asset-related discrepancies. Effective from October 1, 2024, from ₹5 lakh, what amount has the Income Tax Department raised the prosecution threshold for undisclosed foreign assets (excluding immovable property)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹10 lakh✓
- 2₹15 lakh
- 3₹25 lakh
- 4₹30 lakh
Correct answer
₹10 lakh
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