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.

Failure to disclose foreign assets triggers criminal liability including imprisonment and fine for resident taxpayers.

The provision treats wilful omission of information about assets located outside India, including financial interests and beneficial ownership, or nondisclosure of foreign-source income in an income-tax return by a resident taxpayer as an offence; it prescribes criminal sanctions of rigorous imprisonment and fine for such wilful nondisclosure.