CBDT Notifies Foreign Assets Disclosure Scheme Rules 2026: One-Time Window for Small Taxpayers:

The Central Board of Direct Taxes (CBDT) under the Ministry of Finance (Department of Revenue) has introduced Foreign Assets of Small Taxpayers-Disclosure Scheme Rules, 2026, in exercise of its powers granted under section 143 of the Finance Act, 2026, vide a Notification No. G.S.R. 732(E), dated August 14, 2026.

According to the notification, the said rules come into effect from August 16, 2026, providing a single, limited-time window for resident Indians, returning NRIs, tech employees, and students to correct reporting errors or declare undisclosed overseas wealth with full immunity from the stringent penalty and prosecution provisions of the Black Money Act, 2015.

The rules provide the procedural framework for taxpayers seeking to declare specified undisclosed foreign assets and income under the Finance Act, 2026.

In these rules, some words/terms are used, those have the following meanings:

(a) The term “Act” means the Finance Act, 2026 (4 of 2026);

(b) “Indexed cost of acquisition” shall have the same meaning as assigned to it in section 48 of the Income-Tax Act, 1961 (43 of 1961);

(c) "Form" means a Form appended to these rules;

(d) “Section” means a section of the Finance Act, 2026 (4 of 2026) in Chapter IV; and

(e) “Valuation date” means the date on which all assets values must be calculated as fair market value. The valuation date is 31st day of March, 2026.

Refer to the official notification for complete information.