Government rolls out foreign asset disclosure scheme for small taxpayers
The government rolled out a foreign asset disclosure scheme aimed at small taxpayers, allowing them to declare previously undisclosed overseas assets or income. Those who come forward pay tax of 30% on the declared value, plus an additional amount equal to that tax—taking the effective levy to 60%—in exchange for regularising their holdings and avoiding harsher consequences.
Nabka Insight
Compliance windows for undisclosed foreign assets recur in tax-and-economy questions.
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- Declarants pay 30% tax on the value of the disclosed foreign asset or income.
- An additional amount equal to that tax raises the effective levy to 60%.
- The scheme targets small taxpayers.
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