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

Section 42 - Acts - PENALTIES - Other Direct Tax / Income Tax - Section 42 - 42. If a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, who is required to furnish .....

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est 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 any income from a source located outside India, and f .....

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eing 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 determining the value equivalent in rupees of the balance in a .....

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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 within the meaning of clause (6) of section 6 of the In .....

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