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

Section 49 - Acts - OFFENCES AND PROSECUTIONS - Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 - Section 49 - 49. If a person, being a resident other than not ordinarily resident in India within the meaning of cla .....

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me from a source outside India and wilfully fails to furnish in due time the return of income which he is required to furnish under sub-section (1) of section 139 of that Act, he shall be punishable with rigorous imprisonment for a term which shall n .....

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Income-tax Act if the return is furnished by him before the expiry of the assessment year. Clause 49.-relates to punishment for failure to furnish returns in relation to foreign income and asset. This clause seeks to, inter alia, provide that if a p .....

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