{
  "id": 951445,
  "title": "Govt opens window for disclosure of foreign assets, income",
  "url": "https://urgent.news/2026/08/15/govt-opens-window-for-disclosure-of-foreign-assets-income",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-15T03:44:06.000Z",
  "source": {
    "name": "The Economic Times - Economy",
    "slug": "the-economic-times-economy",
    "url": "https://economictimes.indiatimes.com/news/economy/policy/govt-opens-window-for-disclosure-of-foreign-assets-income/articleshow/133255202.cms"
  },
  "original_language": "en",
  "account": "India's government has unveiled a limited disclosure window to encourage taxpayers to reveal specified foreign assets and income. Two routes have been established under the Foreign Assets of Small Taxpayers Disclosure Scheme Rules, 2026, taking effect from August 16.\n\nThe first route targets undisclosed foreign assets and income with a combined value of up to ₹1 crore. Taxpayers choosing this path will be required to pay 60% of the declared value, equivalent to 30% tax and an additional penalty equal to the tax amount.\n\nThe second route applies to specified foreign assets valued up to ₹5 crore. Eligible taxpayers can settle their disclosure lapse by paying a fixed fee of ₹1 lakh, provided certain conditions outlined in the Finance Act, 2026 are met. This route is not a blanket amnesty, but rather applies to specific cases such as foreign assets acquired from income earned abroad while the taxpayer was non-resident but not reported post becoming resident, or assets acquired from already taxed income in India but omitted from the foreign-assets schedule.\n\nThe ₹5 crore threshold applies to the aggregate value of eligible assets. For example, foreign mutual funds worth ₹2.5 crore combined with overseas securities worth ₹4 crore would exceed the ₹5 crore limit, disqualifying the taxpayer from this route.\n\nThe valuation date set by the government is March 31, 2026, with detailed rules specifying valuation methods for various types of foreign assets, including bank accounts, properties, jewellery, artwork, and securities. Taxpayers must file declarations electronically in Form 1, with a deadline of December 31, 2026. Upon payment and compliance with the set conditions, taxpayers can receive certification of their declaration and potentially gain immunity from further tax, penalty, and prosecution under the Black Money law.",
  "summary": "The government has opened a limited window for taxpayers to disclose specified foreign assets and income. Two routes offer eligibility thresholds of ₹1 crore and ₹5 crore, with electronic declarations required by December 31, 2026, subject to prescribed payments and conditions.",
  "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."
}