Income Tax Department Gets 1,100 Applications Under Foreign Assets Disclosure Scheme

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.