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of <h1>Amendment to Section 139 mandates residents with foreign assets or accounts to file tax returns by the due date.</h1> Section 139 of the Income-tax Act is amended to include a new proviso requiring residents, excluding those not ordinarily resident in India, to file a return if they hold assets or signing authority in accounts outside India, even if not otherwise required to file. The amendment specifies that such individuals must submit their returns by the due date, detailing income or loss for the previous year. Additionally, modifications to Explanation 2 clarify the applicability of certain clauses, including changes to terminology regarding companies and other entities required to file returns.
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