Govt Opens Tax Disclosure Window for Foreign Assets, Income
The scheme lets eligible taxpayers disclose hidden foreign holdings and income by paying 60% of the declared value or a ₹1 lakh fee.
- The Central Board of Direct Taxes notified the Small Taxpayers Disclosure Scheme Rules on Friday, enabling taxpayers to disclose Undisclosed Foreign Income and assets starting Sunday, August 16, 2026.
- Two disclosure routes exist under the Small Taxpayers-Disclosure Scheme: the first covers Undisclosed Foreign Income and assets up to ₹1 crore, while a second route covers specified foreign assets up to ₹5 crore.
- Taxpayers opting for the first route pay a 60% levy comprising 30% tax and a 30% penalty. Declarations must be filed electronically in Form 1 by December 31, 2026.
- Valid declarations provide immunity from further tax, penalties, and prosecution under the Black Money Act, while disclosed amounts are excluded from total income under the Income-tax Act.
- The CBDT determined asset fair market value as of March 31, 2026, though the scheme is not a blanket amnesty for Undisclosed Foreign Income, subject to Finance Act conditions.
19 Articles
19 Articles
India opens tax amnesty scheme for small taxpayers with undisclosed foreign assets
NEW DELHI, Aug 16 (Reuters) - India's tax amnesty scheme for small taxpayers to declare certain undeclared foreign assets of up to 50 million rupees ($523,889) opens on Sunday and will be available until December 31, the government said. Here are ...
Govt rolls out foreign asset disclosure scheme for small taxpayers
The Income Tax Department on Saturday notified a new voluntary disclosure scheme allowing small taxpayers to declare certain undisclosed foreign assets and income by paying an effective 60 per cent tax, as the government seeks to bring overseas holdings into the tax net without exposing eligible taxpayers to further penalties or prosecution. The Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS), announced in the 2026-27 Budget, will …
Income Tax Department notifies rules for foreign assets disclosure scheme; window opens August 16
The Income Tax Department has notified rules for its 2026 foreign assets disclosure scheme, allowing eligible taxpayers to declare undisclosed foreign assets or income within specified limits from August 16.
CBDT’s foreign income-asset disclosure scheme for small taxpayers: How much income tax do you actually have to pay?
The Central Board of Direct Taxes launched a one-time scheme on 16 August for small taxpayers to declare undisclosed foreign assets until December 2026. A 60% payment on the declared value ensures immunity from penalties.
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