Panchkula, Aug. 15 -- The Centre has notified rules for a new disclosure scheme allowing eligible small taxpayers to declare specified undisclosed foreign income and assets, with the framework coming into effect from August 16, 2026.
The Central Board of Direct Taxes (CBDT), under the Ministry of Finance's Department of Revenue, notified the Foreign Assets of Small Taxpayers-Disclosure Scheme Rules, 2026 on August 14 under Section 143 of the Finance Act, 2026.
The rules prescribe the procedure for filing declarations, valuation of foreign assets, payment of tax and penalties, and the forms to be used by eligible taxpayers. The deadline for making declarations has been fixed as December 31, 2026, while March 31, 2026, will be the valuation...