Govt opens one-time foreign assets' disclosure window starting Aug 16

•The government opens a one-time window on August 16, 2026, for small taxpayers to disclose undisclosed foreign assets and income.

•Two categories apply: one for assets up to ₹1 crore with a 60% tax and levy, and another for assets up to ₹5 crore with a flat ₹1 lakh fee.

•Taxpayers must pay within two months, with a possible two-month extension and 1% simple interest per month for delay.