Foreign Assets Disclosure Scheme 2026: ₹1 crore limit, 30% tax and December 31 deadline — all you need to know
A new government scheme will open on August 16, 2026, for taxpayers to disclose foreign assets. This one-time voluntary disclosure scheme closes on December 31, 2026, for eligible individuals. Taxpayers can declare undisclosed foreign assets or income up to one crore rupees. Certain foreign assets already offered to tax can be declared if their value exceeds five crore rupees. The entire process…
A new Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 has been introduced by the Indian government, effective from August 16, 2026, with a deadline for filing declarations by December 31, 2026. Eligible taxpayers can declare undisclosed foreign assets or income up to ₹1 crore or assets already offered to tax but not reported, with an aggregate value of up to ₹5 crore.
The scheme covers foreign assets and income valued as of March 31, 2026. Declarations can be made by Indian residents or non-residents who were residents in India during specific previous years. The declaration process is entirely online.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
