Quick Summary
The Government has proposed the Foreign Assets of Small Taxpayers - Disclosure Scheme, 2026 (FAST-DS 2026) under the Finance Bill, 2026. The scheme aims to encourage voluntary compliance under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, while offering limited immunity from penalty and prosecution. Background: Black Money Act, 2015 and Earlier Compliance Window The Black Money Act was enacted in 2015 to tackle the problem of undisclosed foreign incom
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FAQ :
FAST-DS 2026 is a proposed one-time voluntary disclosure scheme for small taxpayers to declare undisclosed foreign assets and income, offering limited immunity from penalties and prosecution.
The scheme is designed for small taxpayers who have legacy or inadvertent non-disclosures of foreign assets or income, such as those from ESOPs, dormant foreign accounts, or assets held during overseas deputation.
Taxpayers can declare past non-disclosures and receive limited immunity from penalty and prosecution under the Black Money Act for the declared matters.
Yes, cases where prosecution has already begun, assets linked to the proceeds of crime, and serious or wilful tax evasion cases are excluded from FAST-DS 2026.
The scheme will be part of the Finance Bill, 2026, and will come into force on a date to be notified by the Central Government after the Bill is enacted.
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