TaxTMI 
TaxTMI 
Govt rolls out foreign asset disclosure scheme for small taxpayers
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....ovt rolls out foreign asset disclosure scheme for small taxpayers<BR>Income Tax<BR>Dated:- 15-8-2026<BR>PTI<BR>New Delhi, Aug 15 (PTI) The Income Tax Department on Saturday notified a new voluntary disclosure scheme allowing small taxpayers to declare certain undisclosed foreign assets and income by paying an effective 60 per cent tax, as the government seeks to bring overseas holdings into the ta....
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....x net without exposing eligible taxpayers to further penalties or prosecution. The Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS), announced in the 2026-27 Budget, will take effect from August 16, with online declarations open until December 31, 2026, the Central Board of Direct Taxes (CBDT) said. The scheme is aimed at taxpayers such as students, young professionals, techno....
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....logy employees and relocated non-resident Indians who may have failed to disclose eligible foreign assets or income. Under the rules, taxpayers will pay 30 per cent tax on the value of the declared undisclosed foreign asset or income, plus an additional amount equal to the tax, effectively taking the levy to 60 per cent. The fair market value of assets will be determined as of March 31, 20....
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....26, the CBDT said. There are two categories of declarations under FAST-DS. For an undisclosed foreign asset or foreign income that was not previously offered to tax, the aggregate value must not exceed Rs 1 crore. A second category covers foreign assets that were already offered to tax or acquired when the taxpayer was a non-resident but were not reported in the relevant tax-return sch....
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....edule. The threshold for such declarations is Rs 5 crore, with a Rs 1 lakh fee payable. The CBDT said the scheme is intended to enable eligible taxpayers to disclose "certain undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets" on payment of the specified tax or fee. For example, where an undisclosed foreign bank account is valued at Rs 60 lakh and undisclo....
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....sed foreign income amounts to Rs 20 lakh, the total tax payable would be Rs 48 lakh, according to an example in the CBDT's frequently asked questions. Taxpayers making valid declarations will receive immunity from any further tax or penalty and from prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in respect of the assets or income disc....
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....losed. The declared income or the amount invested in the disclosed asset will also not be included in the taxpayer's total income under the Income-tax Act, 1961 or the Black Money Act, the CBDT said. Notifying the rules for the scheme, the CBDT said the scheme "enables eligible taxpayers to declare certain undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets....
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...., on payment of a specified tax or fee". PTI JD ANZ HVA =============<BR> News - Press release - PIB....