Failure to disclose foreign assets can result in penalties up to ₹10 lakh per asset, tax reassessment, and prosecution under the Black Money Act.
This infographic outlines the consequences of not declaring foreign assets in India. Residents (ROR) must disclose all foreign bank accounts, investments, and properties in Schedule FA of their ITR. Non-disclosure can lead to penalties up to ₹10 lakh per asset, tax at the highest slab rate, interest, and even criminal prosecution. India’s participation in global information sharing makes detection of unreported assets easier.