Quick Summary
The Central Board of Direct Taxes (CBDT) has notified the Foreign Assets of Small Taxpayers-Disclosure Scheme Rules, 2026, providing the procedural framework for taxpayers seeking to declare specified undisclosed foreign assets and income under the Finance Act, 2026. The notification was issued by the Ministry of Finance, Department of Revenue, on August 14, 2026 and the Rules will come into force from August 16, 2026. The new Rules lay down the manner of determining the fair market value of f
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1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
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FAQ :
The Rules come into force from August 16, 2026.
There are two categories: one for an aggregate value not exceeding £1 crore, and another for specified undisclosed foreign assets not exceeding £5 crore.
The fair market value is determined as of March 31, 2026, with different valuation mechanisms prescribed for various asset types like bank accounts, shares, securities, and immovable property.
The declaration must be made electronically in Form 1, providing details of the taxpayer, the foreign asset or income, its fair market value, and supporting documents.
After filing Form 1, the income-tax authority will issue an order in Form 2 determining the amount payable. The taxpayer then makes the payment and intimates it through Form 3. Finally, Form 4 is issued to certify the validity of the declaration and payment, providing immunity.
An initial payment window of two months from the end of the month in which the order (Form 2) is received is provided. Additional interest applies for payments made beyond this period, up to a maximum of two additional months.
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