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

Ms. Sitharaman, the Union Finance Minister, proposed a six-month foreign asset disclosure scheme for small taxpayers like students and NRIs during her ninth consecutive budget presentation in Parliament on February 1, 2026. The initiative aims to enhance financial transparency in India and follows a 'Nudge' campaign by the Central Board of Direct Taxes (CBDT) to encourage taxpayers to disclose their overseas assets. The scheme will offer no interest liability for taxpayers on penalty amounts during appeal periods.