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 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; 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 fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten lakh rupees:
1[Provided that this section shall not apply in respect of an asset or assets (other than immovable property) where the aggregate value of such asset or assets does not exceed twenty lakh rupees.]
Explanation.--For determining the value equivalent in rupees of the balance in an account maintained in foreign currency, the rate of exchange for calculation of the value in rupees shall 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).
(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 any income from a source located outside India,
and fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten lakh rupees:
1[Provided that this section shall not apply in respect of an asset or assets (other than immovable property) where the aggregate value of such asset or assets does not exceed twenty lakh rupees.]
Explanation.--For determining the value equivalent in rupees of the balance in an account maintained in foreign currency, the rate of exchange for calculation of the value in rupees shall 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).
Source footnotes
1. Subs. by Act 15 of 2024, s. 164, for the proviso (w.e.f. 1-10-2024).आगे पढ़ें / Continue reading
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Next · Section 43Penalty for failure to furnish in return of income, an information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside India. →All sections / सभी धाराएँThe Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 →
More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Charge of tax.Section 4 · Scope of total undisclosed foreign income and asset.Section 5 · Computation of total undisclosed foreign income and asset.Section 6 · Tax authorities.Section 7 · Change of incumbent.Section 8 · Powers regarding discovery and production of evidence.India Code, Government of India. Text fetched 17 Oct 2026. Source metadata reports last modification: 2019-11-29. Check the linked official text and subsequent notifications when applying a provision.