₹10 lakh penalty on not disclosing foreign assets, income: IT Dept

The Income Tax Department on Sunday issued a warning to taxpayers, saying that failure to disclose foreign assets or income earned abroad in their Income Tax Returns (ITR) can attract a penalty of ₹10 lakh. The advisory stated that foreign assets would include bank accounts, immovable property, custodial accounts, equity and debt interest, trusts, beneficiary of the settlor and more.