Section 49
Punishment for failure to furnish return in relation to foreign income and asset. Repealed
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
About this Act
An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto.
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 at any time during the previous year, held any asset (including
financial interest in any entity) located outside India as a beneficial owner or otherwise, or was a
beneficiary of such asset or had income 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 not be less than six months but
which may extend to seven years and with fine:
Provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of income under sub-section (1) of section 139 of the Income-tax Act if the return is furnished by him before the expiry of the assessment year.
Provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of income under sub-section (1) of section 139 of the Income-tax Act if the return is furnished by him before the expiry of the assessment year.