Government rolls out foreign asset disclosure scheme for small taxpayers

The Income Tax Department on Saturday (August 15, 2026) notified a new voluntary disclosure scheme allowing small taxpayers to declare certain undisclosed foreign assets and income by paying an effective 60% tax, as the government seeks to bring overseas holdings into the tax net without exposing eligible taxpayers to further penalties or prosecution.

Taxpayers will pay a 30% tax on the value of the declared undisclosed foreign asset or income, plus an additional amount equal to the tax, effectively taking the levy to 60%.

Summarised by Agaah from The Hindu. Agaah aggregates 36 sources and removes duplicate coverage — all news, one place.