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Penalty for failure to furnish return in relation to foreign income and asset.

Section 42 - Acts - PENALTIES - Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 - Section 42 - 42. If a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of secti .....

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us year, (i) held any asset (including financial interest in any entity) located outside India as a beneficial owner or otherwise; or (ii) was a beneficiary of any asset (including financial interest in any entity) located outside India; or (iii) had .....

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this section shall not apply 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. Explanation.- For determin .....

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ue 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 It seeks to provide that if a person, being a resident other than not ordinarily resident in India w .....

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