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

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..... 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 otherwise; .....

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..... s 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.) ************** NOTES:- 1. Substituted vide Section 164 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-10-2024 before it was read as, Provided that this section shall not apply in respect of an asset, being one or more bank accou .....

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