Over 1,100 Taxpayers Declare Foreign Assets Under New Scheme

New Delhi, October 26: Taxpayers have responded enthusiastically to the Centre's 'Foreign Asset Disclosure Scheme for Small Taxpayers, 2026'. Approximately 1,100 taxpayers have declared their foreign assets so far, as per information provided on Monday.

The scheme gives taxpayers a single opportunity to disclose overseas assets and income that were not reported before.

To support taxpayers, the department has rolled out a feature on the e-filing portal. Taxpayers who log in can see foreign assets associated with their PAN that foreign jurisdictions have reported under Automatic Exchange of Information (AEOI), commonly referred to as CRS/FATCA. The data covers the three years from 2022 to 2024 and can be downloaded from the portal.

The portal shows only the information received through AEOI from countries that are signatories to the CRS/FATCA framework. Information received under other multilateral frameworks is not displayed, owing to various risk considerations and non-disclosure commitments.

The department also gathers data and intelligence from other sources. A high-level meeting held on October 23, 2026, decided that such information may be shared with the concerned taxpayers wherever feasible, enabling them to avail the benefits of the scheme.

Recently, the government has contacted a select group of taxpayers who had invested in residential or commercial properties in the UAE.

Awareness drives are also planned. The department has prepared outreach programmes involving taxpayers, corporate employers, educational institutions, professional bodies and industry associations. The CBDT has set up a committee under the Principal Chief Commissioner in each region to assist with grievances and queries.

Under the scheme, eligible disclosures must be regularised within a fixed timeframe. Taxpayers are required to pay 30 per cent tax on the fair market value and a penalty equal to the tax amount. The process is entirely online, based on trust, and requires a self-declaration.

A valid declaration protects taxpayers from further scrutiny, penalties and prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The window remains open until December 31, 2026.