Amendment of section 139

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... resident in India within the meaning of clause (6) of section 6, who is not required to furnish a return under this sub-section and who at any time during the previous year,- (a) holds, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India or has signing authority in any account located outside India; or (b) is a beneficiary of any .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... neficial owner" in respect of an asset means an individual who has provided, directly or indirectly, consideration for the asset for the immediate or future benefit, direct or indirect, of himself or any other person. Explanation 5. - For the purposes of this section "beneficiary" in respect of an asset means an individual who derives benefit from the asset during the pervious year and the consid .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).". '(IV). in sub-section (6), for the words "assets of the prescribed nature, value and belonging to him", the words "assets of the prescribed nature and value, held by him as a beneficial owner or otherwise or in which he is a beneficiary" shall be substituted.'. -
Statute, statutory p .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X