&imwidth=800&imheight=600&format=webp&quality=medium "Have undeclared foreign assets? New govt scheme may help avoid prosecution – Here’s how")
The Indian government has opened a new window for small taxpayers to come clean about certain undisclosed foreign assets and income, offering protection from further penalties and prosecution in return for a tax payment. The Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS), announced in the Union Budget 2026-27, comes into force on Sunday (Aug 16). The Income Tax Department notified the scheme on Saturday (Aug 15), with online declarations open until December 31, 2026.
The scheme is primarily aimed at taxpayers who may have missed reporting overseas assets or income, including students, young professionals, technology workers and non-resident Indians who have relocated to India.
Under FAST-DS, eligible taxpayers must pay tax at 30 per cent on the value of the declared asset or income, along with an additional amount equal to the tax. This effectively takes the levy to 60 per cent.
The Central Board of Direct Taxes said the value of foreign assets will be calculated using their fair market value as on March 31, 2026.
The scheme provides two routes for disclosure. The first covers foreign assets or income that were not previously offered to tax, provided their combined value does not exceed Rs 1 crore.
Trending Stories
&im=FitAndFill=(700,400))
National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides
)
The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS
)
Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent
)
India names 27 sites in Arunachal Pradesh
)
Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?
&im=FitAndFill=(700,400))
How many soldiers operate one S-400 battery?
)
Shakib Al Hasan ready to return to Bangladesh—under one condition
)
‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal
)
Rockstar to unveil GTA 6 extended look ahead of November launch
)
Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine
)
Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states
)
Technology transfer deal boosts India's defence manufacturing ambitions
)
Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy
)
Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS
)
'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia
)
Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside
)
Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift
&im=FitAndFill=(700,400))
New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more
)
Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot
)
RSS says Gen Z protests reflect genuine distress
)
Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'
)
IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act
)
Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott
&im=FitAndFill=(700,400))
Why the Su-30MKI doesn't need external fuel tanks to fly vast distances
)
Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation
)
New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know
)
India officially names 27 places in Arunachal to counter China's renaming claims
)
Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed
)
US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance
&im=FitAndFill=(700,400))
Why the Su-30MKI is one of the heaviest fighters ever built
)
Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH
)
Chilling video shows students take cover as teen opens fire at Thai school
)
Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report
The second applies to foreign assets that were already offered to tax or acquired while the taxpayer was a non-resident but were not reported in the relevant schedule of the income tax return. The limit in this category is Rs 5 crore, subject to a Rs 1 lakh fee.
The CBDT said the scheme will allow eligible taxpayers to disclose “certain undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets” by paying the prescribed tax or fee.
A CBDT example shows that if an undisclosed foreign bank account is worth Rs 60 lakh and undisclosed foreign income stands at Rs 20 lakh, the total tax payable under the scheme would be Rs 48 lakh.
Those making valid declarations will receive immunity from further tax, penalties and prosecution under the Black Money Act for the disclosed assets or income, the CBDT said.
