# Foreign asset disclosure window opens on August 16

2026-08-15T08:20:48+00:00 | Governance | Indian Opinion Desk

Corroboration: 4 independent outlets

The Foreign Assets of Small Taxpayers Disclosure Scheme will open on August 16, 2026, and accept declarations until December 31, the Income Tax Department said. Asset values will be calculated as on March 31, 2026. The scheme targets taxpayers such as students, young professionals, technology employees and relocated NRIs. Undisclosed foreign assets or income must be worth no more than Rs 1 crore. Foreign assets already taxed or acquired while non-resident, but omitted from tax return schedules, can be declared up to Rs 5 crore, with a Rs 1 lakh fee. Taxpayers must pay 30% tax plus an equal levy. The scheme provides immunity from further tax, penalty and prosecution under the Black Money Act for declared assets or income.

## Coverage

- ndtvprofit.com <https://www.ndtvprofit.com/economy/foreign-assets-disclosure-scheme-tax-eligibility-rs-1-crore-limit-deadlines-key-faqs-answered-11913511#publisher=newsstand>
- nationalheraldindia.com <https://www.nationalheraldindia.com/national/indias-foreign-asset-disclosure-scheme-opens-on-16-aug-taxpayers-face-60-percent-levy>
- thehindubusinessline.com <https://www.thehindubusinessline.com/economy/income-tax-department-rolls-out-foreign-asset-disclosure-scheme-for-small-taxpayers/article71348642.ece>
- livemint.com <https://www.livemint.com/money/personal-finance/big-relief-for-taxpayers-govt-opens-one-time-disclosure-window-for-unreported-foreign-assets-check-penalty-due-date-11786778338353.html>

Tags: Black Money Act, CBDT, income tax department, India
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