Foreign income and asset return compliance attracts rigorous imprisonment and fine for wilful failure to file on time. Imposes punishment on a resident other than a not ordinarily resident who holds foreign assets or foreign-source income and wilfully fails to furnish the required return of income in due time. The offence carries rigorous imprisonment of not less than six months and up to seven years, together with fine. The section does not apply if the return is furnished before the expiry of the assessment year, and excludes certain assets other than immovable property below the aggregate value threshold.
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.
Foreign income and asset return compliance attracts rigorous imprisonment and fine for wilful failure to file on time.
Imposes punishment on a resident other than a not ordinarily resident who holds foreign assets or foreign-source income and wilfully fails to furnish the required return of income in due time. The offence carries rigorous imprisonment of not less than six months and up to seven years, together with fine. The section does not apply if the return is furnished before the expiry of the assessment year, and excludes certain assets other than immovable property below the aggregate value threshold.
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