About 1,100 taxpayers had applied under India’s Foreign Assets of Small Taxpayers Disclosure Scheme, unnamed Finance Ministry sources told reporters in Oct. 26 reports, while the filing window remains open through Dec. 31.
The reports did not specify a precise cutoff time for the tally or break out how many applications had been accepted or paid. The Economic Times and Business Standard reported, citing Finance Ministry sources, that officials contacted selected taxpayers with residential or commercial property in the United Arab Emirates. They also reported that the Central Board of Direct Taxes (CBDT) formed regional committees to address questions.
The Income Tax Department FAQ lists Aug. 16, 2026, as the scheme’s start date. Under one route, the combined value of eligible foreign assets and income may not exceed ₹1 crore. Taxpayers pay 30% of the declared asset value or income as tax, plus an equal amount, for a total payment of 60% of that value or income.
A separate route applies to eligible foreign assets valued at up to ₹5 crore if they were acquired with income already taxed in India or while the taxpayer was non-resident, and were left off the relevant tax return schedule. The fee is ₹1 lakh, according to the FAQ.
The Indian Express and Business Standard reported, citing Finance Ministry sources, that taxpayers can check the e-filing portal for foreign-asset information associated with their PANs for 2022, 2023 and 2024. The sources said the displayed information covers jurisdictions participating in the Common Reporting Standard (CRS) or the Foreign Account Tax Compliance Act (FATCA). Some information from other reporting frameworks was not displayed because of risk concerns or commitments not to disclose it, the sources said.
The Finance Ministry’s explanatory memorandum says automatic-exchange information indicated foreign-asset non-disclosure among a significant number of PAN holders. It cites legacy or inadvertent omissions, including foreign employee stock awards and dormant overseas accounts. The document also records an earlier disclosure window, which ran from July 1 to Sept. 30, 2015, for foreign assets acquired by March 31 of that year.
The FAQ says a valid declaration and payment grant eligible filers immunity from further tax, penalties and prosecution under the Black Money Act for the assets or income disclosed. The protection is subject to the scheme’s conditions and exclusions, including cases involving assets connected to proceeds of crime. The filing deadline is Dec. 31, 2026.
