Foreign assets disclosure scheme allows declarations for undisclosed income or assets, omitted returns, and escaped assessment. Declaration by declarant under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 permits any person, subject to the Scheme, to make a declaration for any previous year in respect of income or assets covered by section 133 if the person failed to furnish a return, failed to disclose the asset or income in a return already furnished before commencement, or if the asset or income has escaped assessment. The declaration must be made after commencement and on or before the last date specified.