efiletax<p>🚨 Relief for taxpayers!<br>Income Tax Dept won’t initiate penalty/prosecution for undisclosed overseas assets up to ₹20 lakh (from FY 2023–24).</p><p>Earlier: Penalty up to ₹10 lakh + prosecution under Black Money Act, 2015.<br>Now: Exempt for “minor-value” assets ≤ ₹20 lakh.</p><p><a href="https://mastodon.social/tags/IncomeTax" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>IncomeTax</span></a> <a href="https://mastodon.social/tags/Compliance" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>Compliance</span></a> <a href="https://mastodon.social/tags/Finance" class="mention hashtag" rel="nofollow noopener" target="_blank">#<span>Finance</span></a></p>