# Income Tax Dept nudges taxpayers on undisclosed foreign assets 2026-10-26T13:42:12+00:00 | Governance | Indian Opinion Desk Corroboration: 2 independent outlets The Income Tax Department has stepped up efforts to persuade taxpayers with undisclosed assets abroad to use the Foreign Assets of Small Taxpayers - Disclosure Scheme, 2026 (FAST-DS), a one-time opportunity to declare foreign assets and income not previously disclosed. A facility has been added on the e-filing portal where taxpayers can view details of assets reported against their PAN by foreign jurisdictions under the Automatic Exchange of Information (AEOI), covering data from 2022 to 2024. At a high-level meeting on 23 October 2026, the Department decided to share such information with relevant taxpayers wherever possible. The Department has recently nudged select taxpayers who have invested in residential or commercial properties in the UAE. Around 1,100 taxpayers have filed applications so far. The Scheme remains open till 31 December 2026. Under the Scheme, eligible disclosures can be regularised by paying 30 per cent tax on the fair market value plus an equal amount as a penalty, with immunity from further assessment and prosecution under the Black Money Act, 2015. ## Indian Opinion Analysis Both sources present the same ANI-sourced story with nearly identical facts and framing. The Economic Times version includes a slightly more detailed breakdown of the scheme’s penalty structure and the Rs 1 lakh fee for already-accounted assets, while Kalinga TV’s report uses more descriptive language like ‘moving aggressively’. Neither outlet adds independent reporting or critical comment, both treat the department’s outreach as a straightforward administrative update. The uniform coverage means the only substantive takeaway is the concrete deadline: the scheme closes on 31 December 2026, and only 1,100 applications have been filed so far, suggesting a low uptake that the department is now trying to boost. ## Coverage Coverage: 2 sources, 2 neutral - economictimes.indiatimes.com (neutral report) Straight wire copy with no added opinion or slant. - kalingatv.com (neutral report) Same ANI story, slightly more dramatic wording but neutral overall. This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Tags: Black Money Act, CBDT, CRS, FAST-DS 2026, FATCA, income tax department Canonical: https://indianopinion.org/income-tax-dept-nudges-taxpayers-on-undisclosed-foreign-assets/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/income-tax-dept-nudges-taxpayers-on-undisclosed-foreign-assets/#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/