NEW DELHI, Aug 16 (Reuters) – India’s tax amnesty scheme for small taxpayers to declare certain undeclared foreign assets of up to 50 million rupees ($523,889) opens on Sunday and will be available until December 31, the government said.
Here are more details of the scheme:
• India’s finance minister announced the scheme in her February 1 budget, targeting small taxpayers such as students and non-resident Indians.
• Taxpayers with undisclosed foreign income of up to 10 million rupees ($104,778) can use the scheme until December 31, 2026, by paying 30% tax and an equal amount as a penalty.
• Taxpayers who acquired foreign assets worth up to 50 million rupees that were already taxed but not reported in their tax returns can also use the one-time scheme by paying 100,000 rupees ($1,048).
• The market value of assets would be calculated as of March 31, 2026.
($1 = 95.4400 Indian rupees)
(Reporting by Nikunj Ohri; Editing by Jamie Freed)