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Foreign asset scheme runs till 31 December 2026
The Hindu··17 Aug
CBDT opened the Foreign Assets of Small Taxpayers Disclosure Scheme from 16 August to 31 December 2026. Undisclosed foreign assets up to Rs 1 crore attract 30 percent tax plus an equal levy, a 60 percent outgo. Already-taxed foreign assets omitted from a return, up to Rs 5 crore, need a flat Rs 1 lakh fee. Filing is online.
Prism
What It Means For You
- If you hold a foreign bank account, shares or property that never entered an Indian return, the window runs from 16 August to 31 December 2026.
- Students, young professionals and relocated NRIs named in the Budget speech can use FAST-DS if they were resident in the year the income or asset arose.
- Anyone declaring up to Rs 1 crore of undisclosed foreign value pays 60 percent; already-taxed assets up to Rs 5 crore pay a flat Rs 1 lakh.
What's Happening
- The Income Tax Department operationalised FAST-DS from 16 August 2026, with 31 December 2026 as the last date.
- The valuation date for assets is 31 March 2026, and declarations are to be filed online.
- A valid declaration is stated to confer immunity from further tax, penalty and prosecution under the Black Money Act, 2015, for the income or asset declared.
How The Two Categories Are Drawn
- Finance Minister Nirmala Sitharaman announced the six-month scheme in the Union Budget for FY27 for small taxpayers with assets below a stated size.
- Rules prescribe different fair-market methods for bank accounts, securities, jewellery and immovable property, all to be reported in Indian rupees.
- A person who did not file a return, or filed one but omitted the foreign asset, may still declare if other conditions are met.
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