Budget announces six month amnesty for undisclosed foreign assets with a one time settlement fee

Published on 24 April 2026

You can declare old foreign assets—pay once

The Budget proposes a six-month mini amnesty window for individuals who hold undisclosed foreign assets. Eligible taxpayers can declare previously non-disclosed assets acquired with earnings already disclosed, by paying a fee. The move is designed to help small taxpayers, including students and relocated NRIs, regularize past omissions while reducing the risk of penalties and prosecution for minor violations.

A six-month mini amnesty window will let individuals declare undeclared foreign assets
Assets must have been acquired using earnings that were already disclosed
A one-time fee allows regularization and can help avoid penalties and prosecution
Targeted at smaller taxpayers, including students and relocated NRIs

#nr i #foreign assets #budget #tax compliance #amnesty

Read the full story at The Economic Times

This summarization was done by Beige for a story published on The Economic Times

Budget announces six month amnesty for undisclosed foreign assets with a one time settlement fee

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