Section 50
Punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside India. Repealed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 any 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 has furnished the return of income for any previous year under sub-section (1) or sub-section (4) or
sub-section (5) of section 139 of that Act, wilfully fails to furnish in such return any information relating
to anasset (including financial interest in any entity) located outside India, held by him, as a beneficial
owner or otherwise or in which he was a beneficiary, at any time during such previous year, or disclose
any income from a source outside India, 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.