LatestIncome Tax 16 August 2026
Foreign Assets Disclosure
The Income Tax Department has notified rules for a foreign assets disclosure scheme, which is now open and covers residents, non-residents, and those classified as resident but not ordinarily resident, provided they were resident in India, the scheme is available from August 16, the rules apply to various types of foreign assets including immovable property, securities, and bank accounts
The Income Tax Department has notified rules for a foreign assets disclosure scheme. The scheme covers:
- residents
- non-residents
- those classified as resident but not ordinarily resident (RNOR), provided they were resident in India.
Key aspects of the scheme include:
- disclosure of foreign assets such as immovable property, securities, and bank accounts
- the window for disclosure is now open from August 16
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