One-time six-month foreign asset disclosure scheme... ... Union Budget 2026-27: LIVE

One-time six-month foreign asset disclosure scheme

To address Practical issues of small taxpayers like students, young professionals, tech employees and relocated NRI, FM Sitharaman proposes a one-time six-month foreign asset disclosure scheme to disclose income or assets below a certain size.

This scheme will be applicable on two categories of tax payers:

• those who did not disclose their overseas assets or income and
• those who disclosed their overseas income and paid due tax but could not declare asset acquired