Govt proposes one-time 6-month foreign asset disclosure plan for small taxpayers

In the Budget 2026 speech, FM Nirmala Sitharaman proposed a one-time six-month foreign asset disclosure scheme to address "practical issues" faced by small taxpayers. This is specifically for those who didn't disclose their overseas income (up to ₹1 crore limit) and those who disclosed it and/or paid taxes but couldn't declare the asset acquired ( up to ₹5 crore limit).