The government’s one-time Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 will come into force on August 16, giving eligible taxpayers a limited window to disclose certain undisclosed foreign assets and income by paying specified tax or fees.
The scheme, notified under the Finance Act, 2026, will remain open until December 31, 2026, and covers foreign assets and income subject to specified monetary limits. Under the scheme, taxpayers can disclose undisclosed foreign assets or income of up to ₹1 crore, while certain foreign assets that were already offered to tax but not reported in the relevant return schedule can be declared if their aggregate value does not exceed ₹5 crore.
