๐ Weaker rupee could bust foreign asset tax limit
A weaker rupee might push foreign assets past the FAST-DS Rs 1 crore limit, potentially costing taxpayers a lower 60% tax benefit. This voluntary disclosure window opened on August 16 for individuals in India. The scheme allows regularization of overseas assets by paying 60% tax up to Rs 1 crore. Taxpayers are worried because the rupee's decline over years could push their holdings over the limit. Authorities are set to administer the process online until December 31, 2026. ๐ฅ