India offers last chance for small taxpayers

India has announced the launch of a tax amnesty program for small taxpayers, running until December 31, 2026. The program aims to encourage disclosure of undeclared offshore assets valued up to 50 million rupees ($523,889). Taxpayers with undisclosed income abroad up to 10 million rupees ($104,778) or taxable offshore assets that have not been reported can pay a 30% tax along with an equivalent penalty or pay 100,000 rupees ($1,048) to benefit from the program. This move is part of India’s efforts to reform its tax system, enhance compliance, attract foreign investments, while safeguarding previous investments from stricter tax rules and easing the tax burden on foreign bond investors. The government seeks to broaden the official tax base, convert undeclared assets into revenue sources, reduce tax uncertainty, and make the Indian financial market more attractive.

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