Government rolls out foreign asset disclosure scheme for small taxpayers
The government has launched a foreign asset disclosure scheme aimed at small taxpayers. Those declaring previously undisclosed foreign assets or income will pay a 30% tax on the declared value, plus an additional amount equal to that tax. This takes the effective levy to 60% of the value declared under the scheme.
Nabka Insight
Black-money and undisclosed-foreign-asset measures are examinable taxation and governance topics.
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- Scheme lets small taxpayers disclose undisclosed foreign assets or income
- Levy: 30% tax plus an additional amount equal to the tax
- Effective total levy: 60% of the declared value
Relevant forBanking · Railways · SSC · State PSC · UPSC