NEW Mint
Sat 15 Aug 2026 01:55:01 PM
Big relief for taxpayers! Govt opens one-time disclosure window for unreported foreign assets; check penalty, due date
SUMMARY
The government has opened the Foreign Assets of Small Taxpayers–Disclosure Scheme (FAST-DS), 2026, providing a one-time opportunity to regularise certain previously undisclosed foreign assets or income. The window operates from 16 August to 31 December 2026. Eligible cases involving undisclosed assets/income up to ₹1 crore generally attract 60% tax, while specified assets up to ₹5 crore may qualify for a ₹1 lakh fee, subject to conditions.