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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2015 amends Income-tax Act Section 139; mandates returns for overseas asset holders, clarifies ownership terms.</h1> Section 139 of the Income-tax Act was amended by the Finance Act, 2015, effective April 1, 2016. The amendment requires residents, excluding those not ordinarily resident in India, to file returns if they hold or benefit from assets outside India. The definition of 'beneficial owner' and 'beneficiary' is clarified. Sub-section (4C) expands to include specific educational and medical institutions. A new sub-section (4F) mandates investment funds under section 115UB to file returns. Additionally, sub-section (6) is revised to include assets held as a beneficial owner or beneficiary.
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