Surat: 300% fine, up to 10 years in jail for failing to declare property under new scheme

The Union Ministry of Finance has implemented the Small Taxpayers Foreign Assets Disclosure Scheme Rules, 2026, under which applications or declarations can be submitted only until December 31, 2026, while those who do not avail themselves of the scheme will face strict legal action under the Black Money Act.

Old accounts and returns going back 16 years may be reopened and investigated According to CA Hiren Abhangi, if a taxpayer does not declare their foreign assets under this new scheme and later comes under the Income Tax Department's radar, the following strict measures may be taken against them.