Dec 31 is deadline for foreign asset disclosure

The deadline for foreign asset disclosure is December 31, 2026, as per the Foreign Assets of Small Taxpayers—Disclosure Scheme Rules, 2026, notified by the Central Board of Direct Taxes (CBDT) on November 30, 2025. Eligible taxpayers, including both resident and non-resident individuals, can voluntarily disclose undisclosed foreign assets and income on or before this date to avoid penalties.

To compute the fair market value (FMV) of undisclosed foreign assets, a valuer recognized by the government or its agency in the country where the asset is located must provide a valuation report. The FMV is determined as the higher of the asset's cost of acquisition or its market price on the valuation date of March 31, 2026. Specific rules apply to various types of assets, such as bullion, jewellery, paintings, archaeological collections, quoted shares, securities, and immovable property.

For instance, FMV for unquoted shares/securities is the higher of the cost of acquisition or the open-market price on the valuation date, supported by a recognized valuer's report. If no trading occurs on the valuation date, the FMV is calculated based on the nearest preceding trading date's lowest and highest prices.