Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Resident who held foreign assets or foreign income and missed filing by assessment year end may face ?10,00,000 penalty</h1> A resident (excluding those who are 'not ordinarily resident') required to file an income tax return who, during the previous year, held or benefited from any asset (including financial interests) located outside India or had income from a foreign source and fails to file the return by the end of the relevant assessment year may be directed by the Assessing Officer to pay a penalty of ?10,00,000. The penalty does not apply to non-immovable foreign assets whose aggregate value does not exceed ?20,00,000. Foreign currency account balances are valued using the State Bank of India telegraphic transfer buying rate on the relevant date.
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