# CBDT notifies foreign asset disclosure scheme for small taxpayers 2026-08-15T18:04:36+00:00 | Governance | Indian Opinion Desk Corroboration: 2 independent outlets The Income Tax Department on Saturday notified the Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS), allowing eligible taxpayers to declare undisclosed foreign assets and income by paying an effective 60% tax. The scheme, announced in the 2026-27 Budget, takes effect from Sunday and online declarations will remain open until December 31, 2026, the Central Board of Direct Taxes (CBDT) said. The scheme targets students, young professionals, technology employees and relocated non-resident Indians who may have failed to disclose eligible foreign assets or income. Taxpayers will pay a 30% tax on the value of declared undisclosed assets or income, plus an additional amount equal to the tax, bringing the levy to 60%. The fair market value of assets will be determined as of March 31, 2026, the CBDT said. There are two categories: for undisclosed foreign assets or income not previously offered to tax, the aggregate value must not exceed Rs 1 crore. For foreign assets already offered to tax or acquired when the taxpayer was a non-resident but not reported in tax-return schedules, the threshold is Rs 5 crore with a Rs 1 lakh fee. Valid declarations will grant immunity from further tax, penalty or prosecution under the Black Money Act. The Times of India notes that proceeds of crime or cases where assessment proceedings under the Black Money Act have been completed are ineligible. Grant Thornton Bharat's Richa Sawhney urged taxpayers to "evaluate eligibility and act promptly" as the window closes on December 31, 2026. ## Coverage - thehindu.com - timesofindia.indiatimes.com This story was synthesised by AI from the 2 sources linked above. Updated: this story now draws on 2 sources. Last updated 2026-08-16T01:26:43+00:00. Tags: Black Money Act, Budget 2026-27, CBDT, FAST-DS, income tax department, Non-Resident Indians Canonical: https://indianopinion.org/60-tax-to-disclose-foreign-assets-under-new-fast-ds-scheme/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/60-tax-to-disclose-foreign-assets-under-new-fast-ds-scheme/#story-in-brief How this brief was made: an AI model read the reports linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. Stance labels are editorial classifications of how each outlet framed this story, assigned by the same model, not ratings of the outlets. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/