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of <h1>Section 49: Jail Time and Fines for Not Reporting Foreign Assets, Avoidable by Filing Before Assessment Year Ends.</h1> Section 49 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, stipulates that a resident, other than those not ordinarily resident in India, who holds or benefits from foreign assets or income and fails to file the required income tax return will face rigorous imprisonment ranging from six months to seven years, along with a fine. However, prosecution under this section is not applicable if the return is filed before the end of the assessment year.
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