Government rolls out foreign asset disclosure scheme for small taxpayers
The government rolled out a foreign asset disclosure scheme for small taxpayers. Under it, a taxpayer pays 30% tax on the value of the declared undisclosed foreign asset or income, plus an additional amount equal to the tax — taking the effective levy to 60%. It offers a route to regularise previously undisclosed overseas holdings.
Nabka Insight
A new tax-compliance window with a specific levy structure — the 30% plus 30% arithmetic is examinable.
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- 30% tax on the value of a declared undisclosed foreign asset or income.
- An additional amount equal to the tax, taking the effective levy to 60%.
- Targeted at small taxpayers.
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