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of <h1>Resident who willfully omits foreign assets or income in tax return faces 6 months to 7 years imprisonment and fine</h1> A resident (excluding those classified as not ordinarily resident) who files an income-tax return and willfully omits information about any asset or financial interest in an entity located outside India, or fails to disclose income from a foreign source, is criminally liable and faces rigorous imprisonment for not less than six months and up to seven years, together with a fine.
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