Budget 2026: New foreign asset disclosure scheme for NRIs & small taxpayers

Contributing sentiments towards policy:

56% : Keeping the ease of living in mind, the Finance Minister announced several changes in the tax rules.
51% : However, the FM announced changes in the tax rules related to foreign income or assets.
51% : To facilitate voluntary compliance and to resolve such old cases of small taxpayers, it is proposed to introduce a time-bound scheme for declaration of income from foreign assets and foreign sources, in which tax or fees will be paid based on the manner and source of the asset being acquired and limited to penalties and prosecution under the Black Money Act in respect of matters included in the declaration Exemption will be given.
50% : While implementing this, a one-time compliance window was given from 1 July 2015 to 30 September 2015, so that undisclosed foreign assets acquired by 31 March 2015 can be declared on their own free will by paying taxes and penalties.
50% : They will have to pay 30 percent of the asset's fair market value or 30 percent of the undisclosed income as tax and 30 percent additional income tax in lieu of penalty, which will exempt them from the trial.
49% : NRIs, Students & Small Taxpayers Under New Compliance Window This scheme will be applicable to two categories of taxpayers, i.e. A, who did not disclose their foreign income or assets and B, who have disclosed their foreign income and paid tax arrears, but have not been able to declare the assets acquired for category A.
49% : Such taxpayers will have to pay 30 percent of the fair market value of the asset or 30 percent of the undisclosed income as tax and 30 percent extra income tax in lieu of penalty.
48% : This scheme will be applicable to two categories of taxpayers (A) Those who did not disclose their foreign income or assets. (B) Those who disclosed their foreign income and/or paid tax arrears but were unable to declare the assets acquired.
44% : The government has made it clear that taxpayers who do not disclose their foreign income or assets will have to pay 30 percent of the fair market value of the asset or 30 percent of the undisclosed income income as tax and 30 percent additional income tax in lieu of penalty, which will exempt them from the trial.
40% : New Delhi: Finance Minister Nirmala Sitharaman did not provide any relief on Income Tax in the Union Budget 2026.
38% : Black money and the law of imposition of taxes The Black Money (Undisclosed Foreign Income and Assets) and Taxation Act, 2015, was enacted to address the issue of undisclosed foreign income and assets held by resident taxpayers.

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