Currents · Economy · 2026-08-15
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 a... 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
Why it matters. The scheme offers individuals a structured compliance window to legitimize undisclosed offshore assets and avoid severe penalties under foreign asset tax laws.
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