{
  "id": 1875183,
  "title": "Know this about Foreign Asset Disclosure Scheme",
  "url": "https://urgent.news/2026/08/19/know-this-about-foreign-asset-disclosure-scheme",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-19T05:13:16.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/wealth/tax/foreign-asset-disclosure-scheme-2026-from-budget-proposal-to-rollout-what-residents-and-nris-need-to-know/articleshow/133337767.cms"
  },
  "original_language": "en",
  "account": "The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (\"the Scheme\") is a new initiative introduced by the Indian government in Budget 2026. It aims to address the issue of undisclosed foreign income and assets held by small taxpayers, such as students, young professionals, and technology employees, as well as Non-Resident Indians (NRIs).\n\nThe Scheme provides a one-time opportunity for eligible taxpayers to disclose specified foreign income and assets, subject to monetary limits, by paying the prescribed tax or fee. Upon declaration, taxpayers are exempted from further tax, penalty, and prosecution under the Black Money Act in relation to the matters covered by the declaration.\n\nThere are two categories under the Scheme:\n\n1. Undisclosed foreign income/assets up to ₹1 crore: Taxpayers with undisclosed foreign income or foreign assets within the prescribed limit must pay tax at 30% plus an additional amount equal to 100% of the tax. For example, if the undisclosed foreign income or asset is worth ₹1 crore, the tax would be ₹30 lakh, and the additional penalty would be ₹30 lakh, totaling ₹60 lakh.\n\n2. Technical non-reporting of foreign assets up to ₹5 crore: Taxpayers who have failed to report foreign assets acquired from disclosed overseas income must pay a penalty of ₹10 lakh under Sections 42 or 43 of the Black Money Act, subject to applicable conditions. The fee under the Scheme for this category is ₹1 lakh.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}