The Indian Government has launched a one-time tax disclosure scheme allowing small taxpayers to report certain undisclosed foreign assets and income by 31 December 2026.
The Foreign Assets of Small Taxpayers–Disclosure Scheme (FAST-DS) was announced in the 2026–27 Union Budget
The Income Tax Department said the move seeks to bring eligible overseas assets and earnings into the tax net, while providing relief from additional penalties and prosecution. According to a Reuters report, the scheme applies to taxpayers with undisclosed foreign income of up to Rs10m ($104,614). For this category, the tax rate is 30%, along with an additional amount equal to the tax, resulting in a 60% effective levy on the disclosed sum.
FAST-DS also has a separate track for foreign assets worth up to Rs50m. This covers assets that have already been offered to tax, or were acquired when the taxpayer was a non-resident, but were not shown in the relevant schedule of the income tax return. In such cases, taxpayers can regularise their position by paying a flat fee of Rs100,000, Reuters reported, citing government details.