The Economic Times

Updated return vs black money law: Drafting gap may trigger 30% tax and 300% penalty under Finance Bill 2026

Pay additional tax, file an updated returnand still face 30% tax and 300% penalty under the Black Money Act? Unless Finance Bill 2026 resolves the mismatch between the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and the Income-tax Act, this technical inconsistency could defeat the very purpose of voluntary disclosure.