CBDT gets about 1,100 filings under foreign assets scheme
In short
About 1,100 taxpayers have applied under the Foreign Assets of Small Taxpayers Disclosure Scheme since it launched. The scheme lets people declare hidden foreign assets and income, and the tax rate is 60%.
This matters for taxpayers with overseas assets and for the tax department, but the report does not say how much money has been collected or what happens next.
What the reporting says
Since the launch of the Foreign Assets of Small Taxpayers Disclosure Scheme, about 1,100 taxpayers have submitted applications. The scheme lets people disclose unreported foreign assets and income at a 60% tax rate, and users can check asset information reported by foreign jurisdictions through the e-filing portal. The reporting does not say how much revenue has been raised or how many cases may still be unresolved.
Why it matters
The CBDT has received about 1,100 applications since the Foreign Assets of Small Taxpayers Disclosure Scheme was launched. The scheme offers taxpayers a route to disclose unreported foreign assets and income at a 60% tax rate, with supporting information available through the e-filing portal. Outreach programs have been started, but the reporting does not state total collections or completion details.