Para 133 - Amount payable by declarant

Undisclosed foreign assets and income attract tax, surcharge-equivalent payment, or a fixed fee under the disclosure scheme.

Amount payable under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 varies by category of undisclosed foreign asset or income. For an undisclosed asset located outside India or undisclosed foreign income, the declarant pays tax at thirty per cent of value or income, plus an amount equal to one hundred per cent of the tax determined, subject to the combined value not exceeding one crore rupees. For certain other foreign assets not declared in the return schedule, a fee of one lakh rupees applies where the asset value does not exceed five crore rupees.