Penalty for nondisclosure of foreign assets: resident filers may face mandated penalty if foreign assets or income go unreported. Section 42 empowers the Assessing Officer to direct a monetary penalty against resident taxpayers who, having held foreign assets, been beneficiaries of such assets, or derived foreign income during the previous year, fail to furnish the required return before the end of the relevant assessment year; a proviso exempts non immovable assets below a specified aggregate value and an explanation prescribes conversion of foreign currency balances into rupees using the SBI telegraphic transfer buying rate.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for nondisclosure of foreign assets: resident filers may face mandated penalty if foreign assets or income go unreported.
Section 42 empowers the Assessing Officer to direct a monetary penalty against resident taxpayers who, having held foreign assets, been beneficiaries of such assets, or derived foreign income during the previous year, fail to furnish the required return before the end of the relevant assessment year; a proviso exempts non immovable assets below a specified aggregate value and an explanation prescribes conversion of foreign currency balances into rupees using the SBI telegraphic transfer buying rate.
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