Section 42: Penalty for failure to furnish return in relation to foreign income and asset

Q: What does Section 42 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) deal with?

Section 42 BMA pertains to "Penalty for failure to furnish return in relation to foreign income and asset". It is part of the The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, a legislation enacted by the Parliament of India. Section 42 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) prescribes penalty for failure to furnish return in relation to foreign income and asset. As verified on 21 May 2026.

Q: Is Section 42 BMA still in force?

Yes, Section 42 of the The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 is currently in force across the Republic of India.

Q: What is धारा 42 BMA?

धारा 42 BMA is the Devanagari Hindi reference for Section 42 of the The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Section 42 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) prescribes penalty for failure to furnish return in relation to foreign income and asset. As verified on 21 May 2026.

Q: What is Dhara 42 BMA?

Dhara 42 BMA is the Roman Hindi reference for Section 42 of the The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. "Dhara" means "Section" in Hindi. Section 42 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) prescribes penalty for failure to furnish return in relation to foreign income and asset. As verified on 21 May 2026.

Q: How to cite Section 42 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?

Cite as: "Section 42, The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA)" in legal briefs. For academic writing, use the BlueBook format: The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, 2015, § 42 (India).

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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,—

held any asset (including financial interest in any entity) located outside India as a beneficial owner or otherwise; or

was a beneficiary of any asset (including financial interest in any entity) located outside India; or
had any income from a source located outside India,