India opens tax amnesty scheme for small taxpayers with undisclosed foreign assets

Business Recorder reported that India has opened a tax amnesty for small taxpayers who wish to declare foreign assets that have so far gone unreported. The window begins on Sunday and remains open through December 31, the government said. Covered holdings may total as much as 50 million rupees ($523,889).

The finance minister unveiled the plan in the February 1 budget, aimed at small filers such as students and expatriate Indians. Those whose undisclosed overseas income totals as much as 10 million rupees ($104,778) may settle by paying 30% tax plus an equal penalty. Foreign assets already taxed but missing from tax returns can be declared for a flat 100,000 rupees ($1,048).

Asset values will be assessed using March 31, 2026 as the reference date, which sets the basis for the valuation. The window closes on December 31, 2026, giving eligible taxpayers a fixed period to come forward.