Income Tax Dept opens fast-DS for select taxpayers Dec 31
The Income Tax (I-T) Department is giving select taxpayers a chance to declare their foreign properties under the new FAST-DS scheme, with a deadline of December 31, 2026.
This move is all about encouraging people to be upfront about any specified foreign assets and income they haven't reported or taxed appropriately yet.
The department says it'll even help by sharing info on these foreign holdings, making things a bit easier for those who want to set things right.
FAST-DS applies 30%+30% charges shields taxpayers
FAST-DS, rolled out in the Finance Act 2026, lets you fix past mistakes around reporting foreign assets (think of it as a second shot).
There's a 30% tax plus another 30% as an extra charge on undisclosed assets (capped at ₹1 crore), but if your assets were acquired while you were living abroad or already taxed in India and are worth up to ₹5 crore, there's just a ₹1 lakh fee.
Bonus: If you come forward now, you're protected from further penalties under the Black Money Act.
The tax department has planned outreach programs and setting up regional committees so people can get their questions answered easily.