New Delhi, Aug. 16 -- For Indians with unreported foreign assets, the government has opened a narrow window to come clean-but the price of disclosure could vary sharply.

A taxpayer who has an overseas property bought with income earned while non-resident, or a foreign asset acquired from income already taxed in India, could pay as little as Rs.1 lakh. Those with undisclosed foreign assets or income could face a payment of 60% of the value.

The government has notified the Foreign Assets of Small Taxpayers-Disclosure Scheme Rules, 2026, which came into force on 16 August. Taxpayers have until 31 December 2026 to declare eligible assets or income, with 31 March 2026 as the valuation date.

The scheme, however, is not a blanket amnesty. Who...