India opens tax amnesty scheme for small taxpayers with undisclosed foreign assets
NEW DELHI: 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 more details of the scheme: India’s finance minister announced the scheme in her February 1 budget, targeting small taxpayers such as students and non-resident Indians.…
On Sunday, India's tax amnesty scheme opens for small taxpayers to declare undeclared foreign assets valued up to 50 million rupees ($523,889), according to the government. The scheme's availability extends until December 31, 2023, as announced by Finance Minister Nirmala Sitharaman in the February 1 budget. The initiative targets small taxpayers, including students and non-resident Indians.
Taxpayers who hold undisclosed foreign income of up to 10 million rupees ($104,778) can participate in the scheme by paying 30% tax and an equivalent penalty amount, with the option to avail themselves of it until December 31, 2026. Furthermore, individuals who acquired foreign assets worth up to 50 million rupees that had already been taxed but were not reported in their tax returns can also utilize the scheme.
To determine the market value of these assets, the authorities will use the value as of March 31, 2026.
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