Non disclosure of foreign assets in the ITR-may result in fine of Rs. 10 Lakh
Be aware that Rs.10 Lakh penalty for not disclosing foreign assets in your ITR, it’s not in IT Act but under Black Money Act.
Most of the taxpayers and taxpayers don’t know about it and ignore this requirement.
One need to be diligent going forward to avoid any consequences
The copy of the order is attached as under:
