Search: disclosure scheme

August 2026

• 15Aug

  Income TaxForeign assets disclosure scheme: CBDT FAQs explain who can declare, the 30% tax plus equal amount, the ₹1 lakh fee and payment through Challan ITNS 289

  30% tax + equal amountClarified

  CBDT’s FAQs on the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 explain that even a person who is now non-resident can declare, that undisclosed foreign assets and income up to ₹1 crore cost 30% tax plus an equal amount, and that foreign assets up to ₹5 crore already taxed but not reported cost a flat ₹1 lakh. Payment is through Challan No. ITNS 289.

• 14Aug

  Income TaxForeign Assets of Small Taxpayers Disclosure Scheme: rules and forms notified; last date is 31 December 2026

  31 December 2026New facility

  The Scheme’s rules, notified on 14 August 2026 and in force from 16 August, fix 31 March 2026 as the valuation date, set out how each foreign asset is valued, and prescribe Forms 1 to 4 for the declaration, the order, the payment and the final certificate.