New Delhi, Aug. 15 -- A new one-time disclosure scheme for small taxpayers starts on 16 August, according to the Central Board of Direct Taxes (CBDT). Eligible taxpayers can now declare their undisclosed foreign assets or income until 31 December 2026.

This grants immunity from penalties under the Black Money Act. The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, applies in this case.

Declarations must be filed electronically using Form 1; 31 March 2026 serves as the valuation date for assets. Taxpayers must upload supporting documents and valuation reports where applicable. Authorities will verify declarations and communicate payable amounts via Form 2.

Taxpayers generally receive two months to complete their payment. An ...