📷 Image: Wikimedia Commons / Ministry of Finance of India
Sarkari Yojana
CBDT Launches New Scheme to Register Undisclosed Foreign Assets from Aug 16
✍️ Asianet Newsable
🗓 15 Aug 2026, 11:36 PM
👁 1
The Central Board of Direct Taxes will roll out a new scheme on 16 August to encourage taxpayers to disclose previously unreported foreign assets.
The Central Board of Direct Taxes (CBDT) announced that a new scheme aimed at bringing undisclosed foreign assets into the tax net will commence on 16 August. The initiative seeks to encourage taxpayers who have not reported foreign holdings to come forward and declare them voluntarily.
Under the scheme, individuals and entities that disclose their foreign assets before the deadline may benefit from reduced tax liabilities and avoidance of penalties that would otherwise apply for non‑disclosure. The CBDT has stated that the program will run for a limited period, giving taxpayers ample time to comply.
Taxpayers are advised to review their foreign asset holdings and prepare the necessary documentation. The CBDT will provide guidance on the required forms and the process for submission. Failure to disclose foreign assets after the scheme ends could result in significant fines and interest charges.
The move is part of the government’s broader effort to strengthen tax compliance and increase revenue from overseas holdings. By offering a clear deadline and potential tax relief, the CBDT hopes to reduce the number of hidden foreign assets in India.
Under the scheme, individuals and entities that disclose their foreign assets before the deadline may benefit from reduced tax liabilities and avoidance of penalties that would otherwise apply for non‑disclosure. The CBDT has stated that the program will run for a limited period, giving taxpayers ample time to comply.
Taxpayers are advised to review their foreign asset holdings and prepare the necessary documentation. The CBDT will provide guidance on the required forms and the process for submission. Failure to disclose foreign assets after the scheme ends could result in significant fines and interest charges.
The move is part of the government’s broader effort to strengthen tax compliance and increase revenue from overseas holdings. By offering a clear deadline and potential tax relief, the CBDT hopes to reduce the number of hidden foreign assets in India.