Missed Foreign Asset Disclosure? How Can Taxpayers Use the New CBDT Scheme

Forgot to report Foreign Assets? Income Tax opens one-time window for small taxpayers—Here’s how to disclose them

New Delhi: The Income Tax Department has launched a one-time voluntary disclosure window to bring small taxpayers with previously undisclosed overseas assets and income into the tax net. Eligible taxpayers can avail themselves of immunity from further tax, penalty and prosecution under the Black Money Act, subject to fulfilment of the prescribed conditions. The Foreign Assets of Small Taxpayers–Disclosure Scheme (FAST-DS), 2026, notified by the …

Missed foreign asset disclosure? How can taxpayers use the new CBDT scheme

The Central Board of Direct Taxes has notified the Foreign Assets of Small Taxpayers–Disclosure Scheme (FAST-DS), 2026. It has also issued detailed FAQs explaining the scheme and how taxpayers can use it.

Mint Explainer | What India’s new foreign asset disclosure rules mean for taxpayers

New rules offer a ₹1 lakh route for some taxpayers, while those with undisclosed foreign assets or income could face a payment of 60% of the value

India launches limited tax amnesty for small foreign asset disclosures

The Indian Government has launched a one-time tax disclosure scheme allowing small taxpayers to report certain undisclosed foreign assets and income by 31 December 2026. The Foreign Assets of Small Taxpayers–Disclosure Scheme (FAST-DS) was announced in the 2026–27 Union Budget. The Income Tax Department said the move seeks to bring eligible overseas assets and earnings into the tax net, while providing relief from additional penalties and prosec…

India opens tax amnesty scheme for small taxpayers with undisclosed foreign assets

FILE PHOTO: A man walks past a Rupee installation at the Reserve Bank Of India (RBI) headquarters in Mumbai, India, April 8, 2026. REUTERS/Francis Mascarenhas/File Photo 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: • In…