https://www.taxtmi.com/article/detailed?id=15991 Budget 2026 introduced a Foreign Assets Disclosure Scheme for eligible individuals to regularise prior non-disclosure of foreign income and foreign assets, subject to tax and penalty, with immunity under income-tax and black-money laws. The Scheme does not regularise FEMA violations, so taxpayers must separately assess outbound investments, unauthorised funding, reporting obligations, and foreign balances parked abroad. FEMA contraventions may require post-facto remediation through statutory exceptions, Late Submission Fee, or compounding, depending on the nature of the breach. en-us Mon, 09 Mar 2026 07:54:44 +0530 Thu, 30 Apr 2026 12:08:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=15991 Budget 2026 introduced a Foreign Assets Disclosure Scheme for eligible individuals to regularise prior non-disclosure of foreign income and foreign assets, subject to tax and penalty, with immunity under income-tax and black-money laws. The Scheme does not regularise FEMA violations, so taxpayers must separately assess outbound investments, unauthorised funding, reporting obligations, and foreign balances parked abroad. FEMA contraventions may require post-facto remediation through statutory exceptions, Late Submission Fee, or compounding, depending on the nature of the breach. Articles FEMA - Foreign Exchange Management Mon, 09 Mar 2026 07:54:44 +0530 https://www.taxtmi.com/article/detailed?id=15991