"6-Month Window Opens For Small Taxpayers To Regularize Overseas Income": Nirmala Sitharaman
Finance Minister Nirmala Sitharaman announced a one-time 6-month Foreign Asset Disclosure Scheme aimed at small taxpayers, including students, young professionals, tech employees, and relocated NRIs.
Category A: Undisclosed assets or income up to ₹1 crore - taxpayers pay 30% of asset value or undisclosed income plus 30% additional tax to get immunity from penalties and prosecution.
Category B: Assets up to ₹5 crore - immunity from penalty and prosecution with a nominal fee of ₹1,000.
