India Opens One-Time Window for Disclosure of Undisclosed Foreign Assets
The Foreign Assets Disclosure Scheme begins on August 16, allowing eligible taxpayers to declare certain overseas assets and income subject to prescribed tax and penalty provisions.
NEW DELHI, Aug 16: The government has opened a one-time compliance window for taxpayers seeking to disclose certain undisclosed foreign assets and income under the Foreign Assets Disclosure Scheme 2026.
The scheme, which begins on Sunday, provides eligible individuals with an opportunity to come forward and report specified overseas assets and income that were not previously disclosed to tax authorities. The declaration window will remain open until December 31, according to reports.
The initiative is aimed at encouraging voluntary compliance and bringing previously undisclosed overseas holdings within the formal tax system. Taxpayers who meet the eligibility conditions can use the facility to make declarations in accordance with the rules prescribed by the government.
The scheme is expected to provide a structured route for individuals with eligible foreign assets to regularise their tax position. It also reflects the government’s continuing efforts to improve transparency regarding overseas wealth and strengthen enforcement against undisclosed income.
The disclosure mechanism comes amid greater scrutiny of foreign financial holdings and international tax compliance. Authorities have increasingly relied on information-sharing arrangements with other jurisdictions to identify assets and income held abroad by Indian residents.
The government has also specified tax-related conditions for declarations made under the scheme. Taxpayers considering the facility are required to assess their eligibility and comply with the applicable disclosure and payment requirements within the stipulated period.
The opening of the scheme gives eligible taxpayers a limited opportunity to address past non-disclosures through the prescribed mechanism before the December 31 deadline.
