Amendment of Act 22 of 2015.

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....Assets) and Imposition of Tax Act, 2015,-- (a) in section 49, after the proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 2024, namely:-- "Provided further that this section shall not apply in respect of an asset or assets (other than immovable property), where the aggregate value of such asset or a....

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....ity) located outside India, respectively. The said section provides for prosecution where a resident, other than not ordinarily resident in India, holding foreign assets or income wilfully fails to furnish the return of income or fails to disclose such information in their return of income. It is proposed to amend the said sections to insert proviso in both the sections so as to provide that....