The government rolled out a foreign asset disclosure scheme allowing small taxpayers to declare previously undisclosed foreign assets or income. Declarants will pay a 30% tax on the value of the declared asset or income, plus an additional amount equal to that tax — taking the effective levy to 60% of the declared value.
Nabka Insight
A new disclosure window with a specific tax structure — likely economy/taxation question.
Powered by AIKey facts
- Scheme targets small taxpayers with undisclosed foreign assets or income.
- Tax: 30% on the declared value of the asset or income.
- An equal additional amount takes the effective levy to 60%.
Relevant forBanking · Railways · SSC · State PSC · UPSC