The government launched the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS), on August 16, offering a one-time opportunity to disclose the unreported foreign assets and income. The scheme will close on December 31.
The voluntary disclosure scheme allows small taxpayers to declare certain undisclosed foreign assets and income by paying an effective 60 per cent tax.
Finance Ministry sources said the income tax department has planned outreach programmes for awareness among taxpayers, corporates, educational institutions, professional bodies and industry associations.
The central board of direct taxes (CBDT) has also set up a committee in each region under the Principal Chief Commissioner to help taxpayers resolve their queries and concerns.
“Till now about 1,100 taxpayers have filed applications,” finance ministry sources said.
Sources also said to facilitate taxpayers, the department has created a facility in the e-filing portal where a taxpayer can see information with respect to assets reported on their PANs by the foreign jurisdictions, under Automatic Exchange of Information (AEOI) popularly known as CRS/FATCA.Taxpayers can log in to the e-filing portal and download this information for the three years 2022-2024.
Sources said in a high-level meeting on October 23, 2026, it has been decided that information or intelligence collected by the I-T Department may also be shared with relevant taxpayers, wherever possible, to enable them take advantage of the Scheme.
Based on information gathered, the department has also recently nudged select taxpayers who have invested in residential/ commercial properties in the UAE, sources said.
The FAST-DS scheme is aimed at taxpayers such as students, young professionals, technology 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, 2026.