https://www.taxtmi.com/notifications?id=146625 The Rules prescribe electronic declaration and payment procedures for specified undisclosed foreign assets and income. Fair market value is generally the higher of acquisition cost and valuation-date market value, with indexed cost used where prescribed valuation is unavailable. Foreign bank accounts are valued by aggregating qualifying deposits, while reinvestment adjustments prevent duplicate valuation. Form 1 captures asset, income and valuation details; Form 2 determines the amount payable; Form 3 reports payment; and Form 4 certifies validity after payment. Limited valuation variance does not invalidate a declaration, and delayed payment may carry interest within the permitted additional period. en-us Fri, 14 Aug 2026 00:00:00 +0530 Mon, 17 Aug 2026 14:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=146625 The Rules prescribe electronic declaration and payment procedures for specified undisclosed foreign assets and income. Fair market value is generally the higher of acquisition cost and valuation-date market value, with indexed cost used where prescribed valuation is unavailable. Foreign bank accounts are valued by aggregating qualifying deposits, while reinvestment adjustments prevent duplicate valuation. Form 1 captures asset, income and valuation details; Form 2 determines the amount payable; Form 3 reports payment; and Form 4 certifies validity after payment. Limited valuation variance does not invalidate a declaration, and delayed payment may carry interest within the permitted additional period. Notifications Income Tax Fri, 14 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/notifications?id=146625