Government rolls out foreign asset disclosure scheme for small taxpayers
The Government has rolled out a voluntary foreign asset disclosure scheme aimed at small taxpayers. Under it, a taxpayer will pay a 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% of the declared value. The window lets small taxpayers regularise overseas holdings.
Nabka Insight
A fresh voluntary window to disclose undisclosed foreign assets.
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- Disclosure scheme aimed at small taxpayers
- 30% tax on the declared foreign asset/income
- An equal additional amount is also levied
- Effective total levy works out to 60%
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