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The Central Board of Direct Taxes has notified the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) 2026 under the Finance Act, 2026, giving eligible taxpayers a one time window from 16 August to 31 December 2026 to declare foreign assets or income not previously reported. A valid declaration brings immunity from further tax, penalty and prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The scheme is aimed chiefly at smaller cases where overseas holdings went unreported due to inadvertence or a change in residential status, not deliberate concealment, and it does not apply where Black Money Act assessment proceedings have already concluded.