Black money alert: Declare foreign assets in 6 months
The government announced FAST-DS 2026—a one-time, six-month window for students, professionals, and returning NRIs to declare previously hidden foreign income or assets.
If you come clean now and pay the required amounts (30% tax plus an additional 30% levy — totaling 60% — for undisclosed foreign income/assets up to ₹1 crore; and a flat fee of ₹1 lakh per asset (for the first year of non-disclosure) where the income was already disclosed and taxed, applicable up to ₹5 crore), you'll get full immunity from penalties and prosecution under the Black Money Act.
If you miss the deadline, you'll be looking at penalties
If you miss this chance, things get tough: undeclared assets after the deadline mean a 30% tax, huge penalties (up to 300%), annual fines of ₹10 lakh per asset, and even jail time.
Plus, double taxation treaty relief will not be available, and assessments can be reopened for up to 16 years.
This is your shot at a clean slate—just don't try it with money from crime (that's still off-limits).