2 days ago
India Opens One-Time Disclosure Window for Overseas Wealth
India has created a one-time program called FAST-DS for some taxpayers with foreign money or property they did not previously report.
Eligible people can tell the tax authorities about these assets and income.
They must submit their declaration between August 16 and December 31, 2026.
The value of the assets is measured using March 31, 2026, as the valuation date.
Changes in the rupee’s value can affect how much a foreign asset is worth in Indian rupees.
Different taxpayers may have different limits, taxes or fees.
The rules do not apply in exactly the same way to every Indian citizen or person living abroad.
Tax residency, the type of asset and how the income was earned all matter.
People with complicated overseas holdings may need professional tax advice.
FAST-DS began on August 16, 2026, and declarations must be filed by December 31, 2026.
The scheme covers specified foreign assets and income that eligible taxpayers did not previously report or tax.
March 31, 2026, is the valuation date, with foreign-currency assets converted using applicable exchange-rate rules.
One taxpayer category faces a Rs 1 crore threshold and an effective payable amount of 60% of the relevant declared value.
A second category has a Rs 5 crore threshold and may pay a Rs 1 lakh fee, subject to eligibility conditions.
- Who
- Eligible Indian taxpayers with specified previously undisclosed foreign assets or income.
- What
- The government introduced FAST-DS, a one-time voluntary disclosure scheme allowing eligible taxpayers to declare specified overseas assets and income and pay the applicable tax or fee.
- Where
- The scheme operates under India’s tax system and concerns assets and income held or earned outside India.
- When
- The scheme started on August 16, 2026; March 31, 2026, is the valuation date; and December 31, 2026, is the filing deadline.
- Why
- To give eligible taxpayers a formal opportunity to bring specified foreign assets and income into tax compliance and, subject to conditions, receive immunity from further tax, penalties and prosecution under the Black Money Act.
Key facts
- Scheme name
- Foreign Assets of Small Taxpayers-Disclosure Scheme, or FAST-DS
- Legal basis
- Introduced under the Finance Act, 2026
- Opening date
- August 16, 2026
- Declaration deadline
- December 31, 2026; no declaration can be filed afterward
- Valuation date
- March 31, 2026
- First category
- A Rs 1 crore threshold applies, with tax at 30% plus an additional amount equal to the tax, making the effective amount 60% of the relevant declared value
- Second category
- A Rs 5 crore threshold and a Rs 1 lakh fee may apply to certain assets acquired from disclosed income or during non-residency, subject to conditions
Sources
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