Foreign asset disclosure: resident taxpayers face a Rs. 10 lakh penalty for nondisclosure, subject to a Rs. 20 lakh exception. A resident taxpayer who files a return but fails to disclose or furnishes inaccurate particulars of any foreign asset or foreign-sourced income may be directed by the Assessing Officer to pay a penalty of ten lakh rupees; the section covers assets held as beneficial owner or where the taxpayer was a beneficiary and excludes assets (other than immovable property) with aggregate value not exceeding twenty lakh rupees, with rupee valuation determined under the Explanation to section 42.