alleryStart learning →No Black Money Act penalty applies if the aggregate balance in foreign bank accounts is below what amount?
ARs 1,00,000
BRs 5,00,000
CRs 10,00,000
DRs 50,00,000
Answer & Solution
Correct answer: B. Rs 5,00,000
The Act exempts the return and information defaults where the aggregate balance in foreign accounts is less than Rs 5 lakh.
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