New Delhi | August 16, 2026
The Government of India has opened a one-time disclosure window for small taxpayers with certain previously unreported foreign assets or foreign income, giving eligible individuals an opportunity to regularise their tax position.
The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS) comes into force on August 16, 2026, and declarations can be made until December 31, 2026. The Central Board of Direct Taxes (CBDT) notified the rules on August 14.
What does the scheme cover?
The scheme covers specified cases involving undisclosed foreign income and assets, as well as certain foreign assets that were acquired from already-taxed income or while the taxpayer was a non-resident but were not properly reported.
For undisclosed foreign assets or income, the relevant aggregate value must generally not exceed ₹1 crore. In such cases, the scheme requires 30% tax plus an additional amount equal to 100% of that tax, making the effective payment 60% of the relevant value.
A separate category covers certain foreign assets that were acquired from disclosed/taxed income or during non-resident status, with an eligibility ceiling of ₹5 crore under the government’s Budget FAQs.
Who could be affected?
The government says the measure can help taxpayers such as employees receiving foreign ESOPs or RSUs, returning NRIs and people with old overseas bank accounts or other foreign holdings who failed to make the required disclosures.
The scheme is intended to provide a route to regularisation with immunity from further tax, penalty and prosecution under the specified provisions, subject to the conditions of the law.
Why is this important?
India has been strengthening scrutiny of offshore assets through international information-sharing mechanisms. The new window gives eligible taxpayers a limited opportunity to correct past non-disclosures before facing the substantially harsher consequences that can apply under the Black Money Act.
Deadline: December 31, 2026
