Government rolls out foreign asset disclosure scheme for small taxpayers
The Government has rolled out a foreign asset and income disclosure scheme aimed at small taxpayers. Under it, a taxpayer will pay 30% tax on the value of the declared undisclosed foreign 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 voluntary disclosure window on foreign assets, with a defined penal tax rate.
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- Targets small taxpayers holding undisclosed foreign assets/income.
- Tax of 30% on the value of the declared asset or income.
- An additional amount equal to the tax applies.
- Effective levy works out to 60% of the declared value.
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