# FAST-DS opens August 16 for small taxpayers with foreign assets

2026-08-15T12:16:14+00:00 | Governance | Indian Opinion Desk

Corroboration: 3 independent outlets

The CBDT’s one-time Foreign Assets of Small Taxpayers Disclosure Scheme will accept declarations from August 16 to December 31, 2026. Eligible taxpayers can disclose certain foreign assets or income through electronic Form 1, with March 31, 2026, as the valuation date. The scheme mainly covers students, young professionals, technology employees and some NRIs. For undisclosed foreign assets or income valued up to Rs 1 crore, taxpayers must pay 30% tax plus an equal additional amount, making the total 60%. A separate category covers certain assets worth up to Rs 5 crore that were omitted from tax-return schedules and carries a Rs 1 lakh fee. Valid declarations and payment bring immunity from further tax, penalty and prosecution under the Black Money Act.

## Coverage

- timesnownews.com <https://www.timesnownews.com/business-economy/personal-finance/income-tax-dept-opens-foreign-asset-disclosure-window-august-16-check-who-can-apply-article-155665098>
- livemint.com <https://www.livemint.com/money/personal-finance/cbdts-foreign-income-asset-disclosure-scheme-for-small-taxpayers-how-much-income-tax-do-you-actually-have-to-pay-11786786210252.html>
- businesstoday.in <https://www.businesstoday.in/personal-finance/story/rs1-crore-foreign-asset-disclosure-could-cost-60-under-fast-ds-check-the-math-549424-2026-08-15?utm_source=rssfeed>

Tags: Black Money Act, CBDT, FAST-DS, income tax department
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