According to a Moneycontrol report, the Centre is expected to introduce a one-time compliance program starting August 15 for resident taxpayers who did not report their overseas income, accounts, or assets. This initiative will remain open until December 31, allowing individuals to make disclosures while avoiding the severe penalties associated with the Black Money Act. The program is applicable to taxpayers holding undisclosed foreign income of up to ₹1 crore or assets valued at up to ₹5 crore.

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