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

Punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside India. https://www.taxtmi.com/acts?id=19906 Punishment is prescribed for a resident, other than a not ordinarily resident in India, who has furnished a return of income and wilfully fails to disclose information relating to an asset located outside India, including a financial interest in any entity, or fails to disclose income from a source outside India. The punishment is rigorous imprisonment for not less than six months and up to seven years, together with fine. The provision does not apply to non-immovable assets where the aggregate value does not exceed twenty lakh rupees. en-us Fri, 03 Jul 2015 18:18:57 +0530 Mon, 06 Apr 2026 18:09:53 +0530 TaxTMI RSS Generator Punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside India. https://www.taxtmi.com/acts?id=19906 Punishment is prescribed for a resident, other than a not ordinarily resident in India, who has furnished a return of income and wilfully fails to disclose information relating to an asset located outside India, including a financial interest in any entity, or fails to disclose income from a source outside India. The punishment is rigorous imprisonment for not less than six months and up to seven years, together with fine. The provision does not apply to non-immovable assets where the aggregate value does not exceed twenty lakh rupees. Act-Rules Direct Taxes Fri, 03 Jul 2015 18:18:57 +0530 https://www.taxtmi.com/acts?id=19906