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.

Penalty of 10 lakh for Misreporting Foreign Assets in Tax Returns under Section 43 of Black Money Act 2015.

Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, imposes a penalty of ten lakh rupees on residents (excluding those not ordinarily resident) in India who fail to provide accurate information in their income tax returns regarding assets or financial interests located outside India. This penalty applies if such information is omitted or inaccurately reported for any previous year. However, the penalty does not apply if the aggregate value of such assets, excluding immovable property, does not exceed twenty lakh rupees. The value in rupees is determined as per the guidelines in Section 42.