In the last two months, 1,100 people have informed about their undeclared foreign assets to the Income Tax Department. The Income Tax Department launched this scheme for small taxpayers on August 16 this year so that they can pay taxes to the government on undeclared foreign assets and save themselves from any future penalties or other action.

Through this scheme, there is a provision to declare assets or foreign income until December 31 this year. Only those assets that are up to Rs 5 crores in value can be declared through this scheme. In the same way, only foreign income up to Rs 1 crore can be legalized through this scheme.

Small taxpayers will be able to declare their foreign assets by paying 30 percent of the income along with a 30 percent penalty. All of this will be done through the e-filing portal of the Income Tax Department. The full details of this scheme will be available on the portal. Complete information about this scheme will be available on the portal itself.

According to Income Tax Department sources, the government is collecting information about the foreign assets of Indians through various means and as part of this, the department is continuously receiving information about those foreign assets about which taxpayers have not informed the tax department.

The department says that for the convenience of taxpayers, they are being given the opportunity to get their foreign assets legally recognized. Sources say that the government is collecting information about the foreign assets of Indians under the terms of bilateral agreements with various countries and also on its own level.

In the last two months, 1,100 people have informed about their undeclared foreign assets to the Income Tax Department. The Income Tax Department launched this scheme for small taxpayers on August 16 this year so that they can pay taxes to the government on undeclared foreign assets and save themselves from any future penalties or other action.

Through this scheme, there is a provision to declare assets or foreign income until December 31 this year. Only those assets that are up to Rs 5 crores in value can be declared through this scheme. In the same way, only foreign income up to Rs 1 crore can be legalized through this scheme.

Small taxpayers will be able to declare their foreign assets by paying 30 percent of the income along with a 30 percent penalty. All of this will be done through the e-filing portal of the Income Tax Department. The full details of this scheme will be available on the portal. Complete information about this scheme will be available on the portal itself.

According to Income Tax Department sources, the government is collecting information about the foreign assets of Indians through various means and as part of this, the department is continuously receiving information about those foreign assets about which taxpayers have not informed the tax department.

The department says that for the convenience of taxpayers, they are being given the opportunity to get their foreign assets legally recognized. Sources say that the government is collecting information about the foreign assets of Indians under the terms of bilateral agreements with various countries and also on its own level.