The Economic Times

CBDT receives around 1,100 applications under foreign assets disclosure scheme

Since the launch of the Foreign Assets of Small Taxpayers Disclosure Scheme, approximately 1,100 taxpayers have submitted applications. The scheme provides an opportunity to disclose unreported foreign assets and income at a 60 percent tax rate. Taxpayers can access information about their assets reported by foreign jurisdictions through the e-filing portal. Outreach programs have been initiated to raise awareness among various groups regarding this scheme.