Relief to Income Tax Payers
Relief to Income Tax Payers
The Income Tax Department has notified rules for its 2026 foreign assets disclosure scheme, allowing eligible taxpayers to declare undisclosed foreign assets or income within specified limits from August 16.
Foreign Assets Disclosure Scheme opens Aug 16.
Declare undisclosed assets up to Rs 1 cr (60% tax).
Declare taxed assets up to Rs 5 cr (Rs 1 lakh fee).
The scheme allows eligible taxpayers to declare undisclosed foreign assets or income of up to Rs 1 crore, or foreign holdings of up to Rs 5 crore that were taxed but never reported in their returns, by paying a specified tax or fee.
“It enables eligible taxpayers to declare certain undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets, on payment of a specified tax or fee,” the Central Board of Direct Taxes said in a set of FAQs. The department will process all declarations online through the Principal Director General or Director General of Income-tax (Systems).