Central Government, in exercise of the powers conferred by section 143 of the Finance Act, 2026, notified the Foreign Assets of Small Taxpayers-Disclosure Scheme Rules, 2026. The Rules prescribe provisions relating to definitions, valuation of assets, amount payable, declaration of assets or income located outside India, orders by the income-tax authority, payment intimation, certification of payment, and electronic procedures and forms under the scheme.

Rules prescribe March 31, 2026 as the valuation date and December 31, 2026 as the last date. The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as applicable, is specified as the income-tax authority for the purposes of the Act and Rules. Rule 3 prescribes methods for determining the fair market value of bullion, jewellery, precious stones, artistic works, quoted and unquoted shares and securities, immovable property, bank accounts, partnership or LLP interests and other assets. It also prescribes valuation treatment where assets are transferred or new assets are acquired using consideration from an old asset or withdrawal from a bank account, and provides for conversion of foreign-currency values into Indian Rupees.

Rules prescribe the amount payable under section 133 and the conditions relating to the ₹1 crore and ₹5 crore thresholds. Declarations are required to be made electronically in Form 1. The income-tax authority is required to issue the payment order electronically in Form 2. Payment is to be intimated electronically in Form 3 along with proof of payment, including applicable interest. Form 4 is prescribed for certification of the validity of the declaration and payment. The Rules also prescribe the electronic data structure, standards, verification procedures, and security, archival and retrieval policies for Forms 1 to 4.