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Govt opens window for disclosure of foreign assets, income
Economic Times 2 hrs ago·15 Aug 2026, 3:44 am
The government has announced a limited opportunity for taxpayers to voluntarily disclose their foreign assets and income. This move allows eligible individuals to declare their holdings through two specific routes, each with a different eligibility threshold. The primary route requires a declared value of ₹1 crore, while the second route is available for those with ₹5 crore or more in foreign assets. This disclosure process is strictly electronic and must be completed by December 31, 2026.
This initiative is significant as it provides a structured way for taxpayers to come into compliance with existing laws. By offering a defined window, the government aims to bring undisclosed foreign wealth into the tax net without triggering immediate prosecution. For investors, this development signals a continued effort by the authorities to enhance transparency and broaden the tax base.
Investors should monitor the volume of disclosures and the resulting tax revenue. The success of this scheme will depend on the participation rate, which will provide insight into the extent of undisclosed foreign assets in the economy. The government will also need to ensure the process is straightforward to encourage widespread compliance.
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