Non-disclosure of foreign bank accounts can result in heavy penalties and up to 7 years imprisonment; disclose all accounts to comply with the Black Money Act.
This infographic details the consequences of not reporting foreign bank accounts in the Indian Income Tax Return. Indian residents qualifying as Resident and Ordinarily Resident (ROR) must disclose all foreign accounts under the Black Money Act. Failure to do so can lead to penalties of ₹10 lakh per account, prosecution with up to 7 years imprisonment, and tax demands on undeclared income. Taxpayers should disclose all accounts, seek expert guidance, and use voluntary disclosure schemes to rectify omissions.