Foreign Assets of Small Taxpayers Disclosure Scheme 2026 Launched

Government of India launched Foreign Assets of Small Taxpayers-Disclosure Scheme, 2026 (FAST-DS) to help taxpayers declare foreign income and assets they did not report before. This one-time window is open from 16 August 2026 to 31 December 2026.

Tax options and rules

Taxpayers can choose from two paths based on asset value. For assets up to ₹1 crore, you pay 30% tax plus a 30% penalty, for a total of 60%. For specified assets up to ₹5 crore, you pay a flat fee of ₹1 lakh if you meet certain conditions. The value of all assets is calculated as of 31 March 2026.

This scheme helps people report assets and reduces disputes. Eligible individuals, such as NRIs and students, get protection from prosecution under Black Money Act, 2015, after finishing the declaration and payment. Cases already under PMLA proceedings or where assessments are complete cannot join this scheme.