TMI BlogPenalty for failure to furnish return in relation to foreign income and asset.X X X X Extracts X X X X X X X X Extracts X X X X ..... of clause (6) of section 6 of the Income-tax Act, who is required to furnish a return of his income for any previous year, as required under sub-section (1) of section 139 of the Income-tax Act or by the provisos to that sub-section, and who at any time during such previous year, (i) held any asset (including financial interest in any entity) located outside India as a beneficial owner or othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be the telegraphic transfer buying rate of such currency as on the date for which the value is to be determined as adopted by the State Bank of India constituted under the State Bank of India Act, 1955. (23 of 1955.) - Clause 42. -relates to penalty for failure to furnish return in relation to foreign income and asset. It seeks to provide that if a person, being a resident other than not or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provides that no penalty shall be levied in respect of an asset, being one or more bank accounts having an aggregate balance which does not exceed a value equivalent to five hundred thousand rupees at any time during the previous year. It also provides for determining the value equivalent in rupees of the balance in an account maintained in foreign currency. - statute, statutory provisions legi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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