Monthly Newsletter

The Central Government notified the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026, effective from 16 August 2026, providing a one-time window for eligible individuals to regularize undisclosed foreign assets and income. Eligible taxpayers must submit the declaration electronically in Form 1 by 31 December 2026. The tax authority will issue an order determining the amount payable, generally due within two months from the end of the month of receipt of the order; delayed payment attracts interest at 1% per month or part thereof, subject to the prescribed additional period. Upon valid declaration and payment, immunity from further tax, penalty and prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 is provided, subject to the specified provisions.

MCA further extended the validity of the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026) up to 15 September 2026, in view of representations received from various stakeholders. All other terms and conditions of the Scheme remain unchanged.