Concealing foreign assets leads to a ₹10 lakh penalty per asset, 30% tax, interest, and possible imprisonment under the Black Money Act.
This infographic details penalties for not disclosing offshore assets in India. The Black Money Act imposes a flat ₹10 lakh penalty for non-disclosure, plus additional penalties for tax evasion. Undisclosed foreign income is taxed at 30% without exemptions, with interest for delayed payment. Concealment can result in imprisonment for 3–10 years. Use voluntary disclosure schemes to mitigate penalties and always report foreign assets in Schedule FA.