The Income Tax Department has introduced the Foreign Assets of Small Taxpayers-Disclosure Scheme. This initiative lets qualifying small taxpayers report previously hidden foreign income and assets between August 16 and December 31. Participants are required to pay a 30% tax along with an equivalent penalty. The program applies to specific assets valued up to ₹1 crore, as well as certain non-resident or previously taxed assets worth up to ₹5 crore.
by shortkt.com✓