Foreign Assets of Small Taxpayers – Disclosure Scheme 2026: Eligibility, Tax Implications and Filing Deadline

The Central Government has notified the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026 (Notification No. 114/2026 dated 14 August 2026), under Chapter IV of the Finance Act, 2026. The Scheme allows foreign assets and foreign income that were not reported in the Income-tax return to be declared, with immunity under the Black Money Act, 2015 on payment of the specified amount.

The Scheme may be relevant to persons holding ESOPs or RSUs from a foreign employer, bank accounts or insurance policies abroad, or property or investments outside India that were not shown in Schedule FA. The last date for filing the declaration is 31 December 2026.

We enclose our alert, which explains the eligibility, valuation, amount payable and procedure in simple terms.

For any clarification, please contact:

Ms. Latha Sree Y – 63026 30083 – latha.sree@vishnudaya.com
Ms. Anju Eldhose – 70221 24918 – anju.eldhose@vishnudaya.com
Ms. Sreelatha N – 70956 84515 – sreelatha.n@vishnudaya.com
Ms. Radhika R – 94499 20254 – radhika.r@vishnudaya.com

This alert is for general information only and does not constitute professional advice for any particular case.