https://www.taxtmi.com/acts?id=19898 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. en-us Fri, 03 Jul 2015 18:16:26 +0530 Wed, 05 Nov 2025 16:43:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=19898 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. Act-Rules Direct Taxes Fri, 03 Jul 2015 18:16:26 +0530 https://www.taxtmi.com/acts?id=19898