India’s foreign assets disclosure scheme has received about 1,100 applications since its launch on August 16, 2026, Finance Ministry sources said. The one-time program allows eligible small taxpayers to declare previously unreported foreign assets and income before it closes on December 31.

How foreign assets disclosure works

The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, known as FAST-DS, carries an effective levy of 60% on the value of declared undisclosed assets or income. That consists of a 30% tax and an additional amount equal to the tax.

The fair market value of assets will be determined as of March 31, 2026. The scheme is aimed at taxpayers including students, young professionals, technology employees and relocated non-resident Indians who may have failed to disclose eligible foreign assets or income.

Tax department plans outreach

The income tax department plans awareness programs for taxpayers, companies, educational institutions, professional bodies and industry associations. The Central Board of Direct Taxes has also established regional committees to help taxpayers with questions and concerns.

Taxpayers can download information reported by foreign jurisdictions against their permanent account numbers, or PANs, for 2022 through 2024 from the e-filing portal. At an October 23 meeting, officials decided that information or intelligence collected by the department may also be shared with relevant taxpayers where possible, Finance Ministry sources said.

The department has recently contacted selected taxpayers who invested in residential or commercial properties in the United Arab Emirates, the sources said.

Read More News

More FinanceVelix news

Disclaimer

This FinanceVelix article provides general information, not personalized financial, investment, legal, or tax advice. Market prices, interest rates and economic conditions can change; investments carry a risk of loss. Facts reflect the material available when published and may change. Check important information independently and consult a qualified professional when needed. Mentioning an asset, company, or service is not an endorsement.