GK and monthly revision

Budget 2026: FM Nirmala Sitharaman announces 6-month foreign asset disclosure scheme for small taxpayers

Finance Minister Nirmala Sitharaman announced a 6-month foreign asset disclosure scheme for small taxpayers in Budget 2026. This scheme aims to provide relief to small taxpayers by waiving interest liability on the penalty amount during the appeal process before the first appellate authority, regardless of the outcome. This measure is significant as it simplifies the tax compliance process and encourages voluntary disclosure of foreign assets by small taxpayers.