# India opens FAST-DS 2026 window for small foreign asset holders 2026-08-17T00:40:42+00:00 | Governance | Indian Opinion Desk Corroboration: 2 independent outlets (3 source reports) The government on 16 August opened the Foreign Assets of Small Taxpayers, Disclosure Scheme (FAST-DS) 2026, a one-time amnesty for undisclosed foreign assets and income. First announced in the Union Budget, the scheme lets eligible taxpayers declare assets such as foreign bank accounts, properties or shares without facing prosecution under the Black Money Act. The deadline is December 31, 2026. For taxpayers with undisclosed foreign income or assets totalling up to Rs 1 crore as on March 31, 2026, the scheme requires payment of 30% tax plus an additional amount equal to the tax, making the effective payout 60% of the value, businesstoday.in reports. For foreign assets that were already taxed in India or acquired while the taxpayer was a non-resident but not reported, a flat fee of Rs 1 lakh applies if the assets are worth up to Rs 5 crore. Declarations must be filed electronically using Form 1 on the income tax portal. The Central Board of Direct Taxes (CBDT) has issued rules and an FAQ. The scheme excludes proceeds of crime under the Prevention of Money Laundering Act and cases where the tax department has already completed an assessment under the Black Money Act. Eligibility covers current residents of India and certain non-residents or resident but not ordinarily resident (RNOR) taxpayers if they were residents when the income arose or the asset was acquired, businesstoday.in adds. Students, NRIs, returning employees and holders of overseas ESOPs or insurance policies are specifically identified. ## Coverage - english.mathrubhumi.com - businesstoday.in - businesstoday.in (2) This story was synthesised by AI from the 3 sources linked above. Updated: this story now draws on 3 sources. Last updated 2026-08-17T03:52:16+00:00. Tags: Black Money Act, Central Board of Direct Taxes, FAST-DS 2026, Finance Ministry, income tax department Canonical: https://indianopinion.org/centre-opens-tax-amnesty-window-for-small-foreign-asset-holders/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/centre-opens-tax-amnesty-window-for-small-foreign-asset-holders/#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/