Section 50 - Punishment for failure to furnish in return of income, any information about an asset (including financial interest in any entity) located outside India.

Resident Individuals Face Severe Penalties for Not Disclosing Foreign Assets Under Black Money Act, 2015

Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, a resident individual, excluding those not ordinarily resident in India, who fails to disclose in their income tax return any foreign asset or financial interest, or income from foreign sources, as required by the Income-tax Act, faces severe penalties. This includes rigorous imprisonment ranging from a minimum of six months to a maximum of seven years, along with a fine. This provision aims to enforce compliance in reporting foreign assets and income to curb black money.