Undisclosed Foreign Assets? A One-Time Disclosure Window Is Open
📌 Undisclosed Foreign Assets? A One-Time Disclosure Window Is Now Open FAST-DS 2026: A Practical Guide for Taxpayers with Undisclosed or Unreported Foreign Assets The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) offers a one-time opportunity for eligible taxpayers to regularise specified foreign-asset and foreign-income disclosure defaults. The Scheme is contained in Chapter IV, Sections 130 to 144 of the Finance Act, 2026 , read with the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026 . ⏰ The Window Is Strictly Time-Bound Particulars Details Scheme commencement 16 August 2026 Last date for declaration 31 December 2026 Valuation date 31 March 2026 Mode of filing Electronic Prescribed authority Principal DGIT (Systems) / DGIT (Systems) No declaration can be filed after 31 December 2026 . The fair market value of assets proposed to be declared must generally be determined with reference to 31 March 2026 . What Exactly Does FAST-DS 2026 Cove...