Examine the correctness of the following statements in the context of provisions contained in the Income-tax Act, 1961 relevant for the previous year 2018-19: Resident and ordinary resident having no income chargeable to

The statement is incorrect. Obligation to file return in case of Foreign Asset: As per Section 139(1) of the Income Tax Act, 1961 every resident and ordinary resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India is required to file a return of income in the prescribed form compulsorily, whether or not he has income chargeable to tax.