Big relief to taxpayers with undisclosed foreign assets: CBDT notifies Foreign Assets of Small Taxpayers disclosure scheme rules; Know who can use it by December 31, 2026

The Central Board of Direct Taxes (CBDT) notified the Foreign Assets of Small Taxpayers—Disclosure Scheme Rules, 2026 via a notification (No. 114/2026) and this will come into effect from August 16, 2026.

For those who don’t know, the Foreign Assets of Small Taxpayers—Disclosure Scheme is a one-time voluntary disclosure scheme contained in Chapter IV (sections 130 to 144) of the Finance Act, 2026. 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.