India opens tax amnesty scheme for small taxpayers with undisclosed foreign assets
India's finance minister announced the scheme in her 1 February budget, targeting small taxpayers such as students and non-resident Indians.
A man walks past a Rupee installation at the Reserve Bank Of India (RBI) headquarters in Mumbai, India, 8 April, 2026. Photo: REUTERS
India's tax amnesty scheme for small taxpayers to declare certain undeclared foreign assets of up to 50 million rupees ($523,889) opens on Sunday and will be available until 31 December, the government said.
India's finance minister announced the scheme in her 1 February budget, targeting small taxpayers such as students and non-resident Indians.
- Taxpayers with undisclosed foreign income of up to 10 million rupees ($104,778) can use the scheme until 31 December, 2026, by paying 30% tax and an equal amount as a penalty.
- Taxpayers who acquired foreign assets worth up to 50 million rupees that were already taxed but not reported in their tax returns can also use the one-time scheme by paying 100,000 rupees ($1,048).
- The market value of assets would be calculated as of 31 March, 2026.
($1 = 95.4400 Indian rupees)
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