Government rolls out foreign asset disclosure scheme for small taxpayers
The Union government rolled out a foreign asset disclosure scheme for small taxpayers, letting them declare previously undisclosed foreign assets or income. Declarants 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.
Nabka Insight
Compliance windows on undisclosed foreign assets are recurring economy and taxation questions.
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- Scheme targets small taxpayers with undisclosed foreign assets or income.
- Tax of 30% on the declared value, plus an equal additional amount.
- The effective levy works out to 60%.
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