Income Tax Department explains the Foreign Assets of Small Taxpayers Disclosure Scheme at a Kolkata outreach

5 November 2026

Taxpayers and tax professionals in Kolkata were taken through the Foreign Assets of Small Taxpayers Disclosure Scheme at a programme held by the Income Tax Department. Who may come forward, and how a declaration is to be made, was set out by Shri Alok Singh, Chief Commissioner of Income Tax-2, Kolkata. Property held abroad and bank accounts held outside the country are among the holdings that a declarant can bring on record, along with income earned abroad that was never offered to tax. Somebody who is a non-resident today can still qualify, he said, where that person was resident in India in the year the income arose or the asset was bought. The facility is a one-time route created by Chapter IV of the Finance Act, 2026, in Sections 130 to 144. It opened on August 16, 2026, runs online from end to end, and closes for declarations on December 31, 2026. Where the holding was never taxed, the value must stay within ₹1 crore and the payment is tax at 30 per cent plus a matching amount; where it was taxed but left out of the return schedule, the limit is ₹5 crore against a flat fee of ₹1 lakh.