India opens tax amnesty scheme for small taxpayers with undisclosed foreign assets
- India's finance minister announced the scheme in her February 1 budget, targeting small taxpayers such as students and non-resident Indians
India's new tax amnesty scheme allows small taxpayers to declare undeclared foreign assets up to 50 million rupees, with the program running until December 31.
- Eligibility for small taxpayers.
- Different categories of foreign assets.
- Tax and penalty structures.
NEW DELHI: India’s tax amnesty scheme for small taxpayers to declare certain undeclared foreign assets of up to 50 million rupees ($523,889) opens on Sunday and will be available until December 31, the government said.
Here are more details of the scheme:
India’s finance minister announced the scheme in her February 1 budget, targeting small taxpayers, such as students and non-resident Indians.
Taxpayers with undisclosed foreign income of up to 10 million rupees ($104,778) can use the scheme until December 31, 2026, by paying 30% tax and an equal amount as a penalty.
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Taxpayers who acquired foreign assets worth up to 50 million rupees that were already taxed but not reported in their tax returns can also use the one-time scheme by paying 100,000 rupees ($1,048).
The market value of assets would be calculated as of March 31, 2026.
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