Yes, the marker should be at 52 (we usualy check it each round). We don’t include NO’s on the income tracker, we use YG’s card deck.
I guess you’re just tracking income on the board and have other markers to keep track of PUs earned. Otherwise that would be confusing.
I play Global War '39 from HBG so I have lost a lot of my memory on Global '40 but I do not see how Italy is in trouble. This is most likely due to me forgetting the surrender conditions on Italy.
Once Italy loses control of SZ97 its income is virtually stopped. It’ll still have its African and Mid East income in this case though.
It doesn’t need to lose its capital to become impotent.