Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

Penalty for failure to furnish return in relation to foreign income and asset.

42. If a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, who is required to furnish a return of his income for any previous year, as required under sub-section (1) of section 139 of the Income-tax Act or by the provisos to that sub-section, and who at any time during such previous year,-

(i)	-	held any asset (including financial interest in any entity) located outside India as a beneficial owner or otherwise; or
(ii)	-	was a beneficiary of any asset (including financial interest in any entity) located outside India; or
(iii)	-	had any income from a source located outside India,

and fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten lakh rupees:

¹[Provided that this section shall not apply in respect of an asset or assets (other than im .... To read the full section download the app from Google Play store