Government rolls out foreign asset disclosure scheme for small taxpayers
The government rolled out a foreign asset disclosure scheme for small taxpayers. Under it, taxpayers will pay 30% tax on the value of the declared undisclosed foreign asset or income, plus an additional amount equal to that tax — effectively taking the total levy to 60%. It offers a window to regularise undisclosed overseas holdings.
Nabka Insight
A new voluntary disclosure window with a defined tax rate is a precise, examinable economy fact.
Powered by AIKey facts
- New foreign asset disclosure scheme targeted at small taxpayers
- 30% tax on the declared undisclosed foreign asset or income
- An equal additional amount takes the effective levy to 60%
Relevant forBanking · Railways · SSC · State PSC · UPSC