Foreign Assets of Small Taxpayers Disclosure Scheme, 2026
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘BMA’) was enacted to tax the undisclosed foreign income and assets held by the resident taxpayers. In case of any default in reporting foreign income or foreign assets in the return of income, the BMA provides for stringent consequences, including levy of tax, interest and penalties.