The CBDT's FAST-DS scheme allows small taxpayers to declare undisclosed foreign assets by Dec 31, 2026, paying 30% tax plus an equal levy, with immunity from penalty.
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The income tax department on Saturday notified rules for a one-time disclosure scheme aimed at small taxpayers with unreported foreign assets. The Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS) opens for declarations from August 16 and runs through December 31, 2026, the Central Board of Direct Taxes said.
Eligible taxpayers include students, young professionals, tech employees, and relocated non-resident Indians. The scheme was announced in the 2026-27 Union Budget. It covers undefined foreign assets and income that were not previously disclosed in tax returns.
Taxpayers who opt in must pay 30% tax on the fair market value of the assets as of March 31, 2026, plus an additional levy equal to the tax amount. For a foreign bank account valued at ₹60 lakh and undisclosed income of ₹20 lakh, the total tax payable would be ₹48 lakh, according to the CBDT's FAQ.
In exchange, the scheme grants immunity from further tax, penalty, and prosecution under the Black Money Act, 2015. The declared income or asset value will not be included in the taxpayer's total income under either the Income-tax Act or the Black Money Act, the CBDT said.
The fair market value of each asset must be calculated as of March 31, 2026. Declarations can be filed starting August 16.
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