Foreign Assets of Small Taxpayers-Disclosure Scheme

In August 2026, the Government notified the Foreign Assets of Small Taxpayers - Disclosure Scheme (FAST-DS) as a one-time voluntary disclosure mechanism under Chapter IV of the Finance Act, 2026.

  • It seeks to facilitate tax compliance by enabling eligible taxpayers to disclose certain previously undeclared foreign assets and income.

What is FAST-DS?

  • The scheme allows eligible taxpayers to declare specified undisclosed foreign assets or foreign income by paying the prescribed tax, additional tax or fee, subject to the applicable conditions.
  • For the purpose of the scheme, assets may include immovable property, jewellery, artwork, shares, securities and other assets or income.

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