Current Affairs · Taxation Policy Changes
With effect from October 1, 2024, the Income Tax Department revised prosecution thresholds related to undisclosed foreign assets. Consider the following statements: 1. The minimum limit for prosecution under the Black Money Act was increased from ₹5 lakh to ₹20 lakh for undisclosed foreign assets (excluding immovable property). 2. The decision mainly provides relief to overseas employees to reduce the burden of compliance and penal risks. 3. Prosecution penalties for undisclosed assets were revised under the Foreign Exchange Management Act (FEMA), 1999 and not under the Black Money Act, 2015. Which of the following statements is/are incorrect?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Both 1 and 3
- 2Only 3✓
- 3Both 1 and 2
- 4Only 2
Correct answer
Only 3
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Current Affairs?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Taxation Policy Changes MCQs →Want more practice questions on Taxation Policy Changes?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Current Affairs · Taxation Policy Changes