NEW DELHI, Aug 16 (Reuters) – India’s tax amnesty scheme for small ‌taxpayers to declare certain undeclared foreign ‌assets of up to 50 million rupees ($523,889) ​opens on Sunday and will be available until December 31, the government said.

Here are more details of the scheme:

• ‌India’s finance minister ⁠announced the scheme in her February 1 budget, targeting small ⁠taxpayers such as students and non-resident Indians.

• Taxpayers with undisclosed foreign income ​of up ​to 10 ​million rupees ($104,778) can ‌use the scheme until December 31, 2026, by paying 30% tax and an equal amount as a penalty.

• Taxpayers who acquired foreign assets worth up ‌to 50 million rupees ​that were already taxed ​but not ​reported in their tax ‌returns can also use the ​one-time ​scheme by paying 100,000 rupees ($1,048).

• The market value of assets would be ​calculated as ‌of March 31, 2026.

($1 = 95.4400 ​Indian rupees)

(Reporting by Nikunj Ohri; Editing ​by Jamie Freed)