I-T Department revises instruction to ensure no prosecution for undisclosed foreign account worth up to ₹20 lakh

 The Income Tax Department has instructed its officials not to initiate prosecution in cases where aggregate value of undisclosed foreign assets (other than immovable property) is up to ₹20 lakh. Earlier, this threshold was ₹5 lakh. New threshold will be effective from October 1, 2024. This instruction is important as the due date for filing the income tax return (ITR) for the assessment year 2025-26 ) is September 15, 2025. Read Article