Foreign asset disclosure failure attracts rigorous imprisonment and fine for wilful nondisclosure in income tax returns. Punishment is prescribed for a resident, other than a not ordinarily resident in India, who has furnished a return of income and wilfully fails to disclose information relating to an asset located outside India, including a financial interest in any entity, or fails to disclose income from a source outside India. The punishment is rigorous imprisonment for not less than six months and up to seven years, together with fine. The provision does not apply to non-immovable assets where the aggregate value does not exceed twenty lakh rupees.