Finance Bill 2026 sets non-refundable foreign asset disclosure payments

This Bill implements the Central Government's financial proposals for the fiscal year 2026-2027. It sets income-tax rates, amends direct and indirect tax laws, and introduces a disclosure scheme for foreign assets of small taxpayers.

Individuals, Hindu undivided families, associations of persons, bodies of individuals, artificial juridical persons, companies, and cooperative societies. It also applies to entities subject to Customs, Central Goods and Service Tax, and Integrated Goods and Service Tax laws.

• Sets income-tax rates for the assessment year commencing April 1, 2026, under the Income-tax Act, 1961.
• Specifies different maximum amounts not chargeable to income-tax based on the age of the individual (e.g., Rs. 2,50,000 for general individuals, Rs. 3,00,000 for those 60-79, Rs. 5,00,000 for those 80+).
• Establishes the 'Foreign Assets of Small Taxpayers Disclosure Scheme, 2026', allowing declarants to pay a specified amount for immunity from penalty and prosecution regarding undisclosed foreign assets.
• Amends sections of the Income-tax Act, 1961 and the Income-tax Act, 2025 regarding tax computation, penalties, and procedural rules.
• Amends Customs, Customs Tariff, Central Goods and Service Tax, and Integrated Goods and Service Tax laws.
• Amends the Finance Act, 2001, the Finance (No.2) Act, 2004, and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

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