The Income Tax Department is set to open a one-time disclosure window for certain taxpayers holding foreign assets or income that was not properly reported earlier. The Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS) will begin accepting declarations from August 16, 2026, and taxpayers will have until December 31, 2026, to come forward under the scheme. The Central Board of Direct Taxes (CBDT), while notifying the rules, said the scheme “enables eligible taxpayers to declare certain undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets, on payment of a specified tax or fee”.
