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Disclosure of foreign assets can avoid penalties, Pushpendra Singh notes

Disclosure of foreign assets can avoid penalties, Pushpendra Singh notes
Asset disclosure scheme for crypto holders

Pushpendra Singh, crypto educator and blockchain enthusiast, highlights that people are increasingly buying property abroad, holding crypto on foreign exchanges, and trading using a Dubai ID.

He notes that the government has introduced a foreign asset disclosure scheme targeting small taxpayers. Under this scheme, people can disclose their foreign assets and income, pay a 60% tax, and avoid penalties.

Singh has previously warned that high taxes on digital assets could discourage new participants and slow growth in web3 and blockchain sectors, according to an earlier article. He has also urged the Indian government to lower crypto taxes and allow for loss carryforwards to increase investment in the sector, as reported in a separate report.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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