This is regarding Foreign Asset Disclosure scheme introduced in Budget 2026. A person with RSU /ESPP has not declared the foreign shares for long time and also foreign dividend. In this case, if opting for this, do you have to pay both 30% of FMV + 30% undisclosed Income + penalty @ 30%? Has the scheme come into effect or guidelines issued?
If not can we declare the same in this year return under FA schedule?
Your valuable insights are appreciated. thanks.
👉 No, you will NOT pay 30% + 30% + 30% separately
It will be a combined tax + reduced penalty structure (~30% + levy)
👉 Scheme is NOT operational yet
Guidelines / forms awaited
👉 Yes, you SHOULD disclose in current ITR (Schedule FA)
Even if past years were missed
Thank you for the reply
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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