Penalty for failure to furnish in return of income, an information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside India.

Penalty for failure to furnish in return of income, an information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside India. https://www.taxtmi.com/acts?id=19899 A resident taxpayer who files a return but fails to disclose or furnishes inaccurate particulars of any foreign asset or foreign-sourced income may be directed by the Assessing Officer to pay a penalty of ten lakh rupees; the section covers assets held as beneficial owner or where the taxpayer was a beneficiary and excludes assets (other than immovable property) with aggregate value not exceeding twenty lakh rupees, with rupee valuation determined under the Explanation to section 42. en-us Fri, 03 Jul 2015 18:16:41 +0530 Tue, 11 Nov 2025 15:57:04 +0530 TaxTMI RSS Generator Penalty for failure to furnish in return of income, an information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside India. https://www.taxtmi.com/acts?id=19899 A resident taxpayer who files a return but fails to disclose or furnishes inaccurate particulars of any foreign asset or foreign-sourced income may be directed by the Assessing Officer to pay a penalty of ten lakh rupees; the section covers assets held as beneficial owner or where the taxpayer was a beneficiary and excludes assets (other than immovable property) with aggregate value not exceeding twenty lakh rupees, with rupee valuation determined under the Explanation to section 42. Act-Rules Direct Taxes Fri, 03 Jul 2015 18:16:41 +0530 https://www.taxtmi.com/acts?id=19899