Section 43: Penalty 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

Q: What does Section 43 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) deal with?

Section 43 BMA pertains to "Penalty 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". 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 43 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) prescribes penalty 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. As verified on 19 May 2026.

Q: Is Section 43 BMA still in force?

Yes, Section 43 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 43 BMA?

धारा 43 BMA is the Devanagari Hindi reference for Section 43 of the The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Section 43 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) prescribes penalty 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. As verified on 19 May 2026.

Q: What is Dhara 43 BMA?

Dhara 43 BMA is the Roman Hindi reference for Section 43 of the The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. "Dhara" means "Section" in Hindi. Section 43 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) prescribes penalty 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. As verified on 19 May 2026.

Q: How to cite Section 43 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015?

Cite as: "Section 43, 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, § 43 (India).

Law on Tips Editorial Board

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 the said Act, fails to furnish any information or furnishes inaccurate particulars in such return relating to any asset (including financial interest in any entity) located outside India, held by him as a beneficial owner or otherwise, or in respect of which he was a beneficiary, or relating to any income from a source located outside India, at any time during such previous year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten lakh rupees:

Provided that this section shall not apply in respect of an asset, being one or more bank accounts having an aggregate balance which does not exceed a value equivalent to five hundred thousand rupees at any time during the previous year.

Explanation.—

The value equivalent in rupees shall be determined in the manner provided in the Explanation to section 42.