Disclose foreign asset or income details in ITR by December 31, 2024 or else Rs 10 lakh penalty can apply, says Income Tax Department

Black Money Act: ​"Failure to disclose foreign income or asset in ITR can mean assessment proceedings being initiated under Black Money (undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Penalty of Rs 10 lakh can be levied, if the aggregate value of an asset or assets (other than immovable property) exceed twenty lakh rupees," said the Income Tax Department.