New Tax Scheme Unveiled: Small Taxpayers Can Declare Foreign Assets with 60% Tax

The Income Tax Department has introduced the Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS), allowing small taxpayers to declare undisclosed foreign assets and income at a 60% tax rate. This initiative aims to bring overseas holdings into the tax net while protecting eligible taxpayers from penalties. The scheme, effective from August 16, 2026, targets students, young professionals, and relocated non-resident Indians. Taxpayers can declare assets up to Rs 1 crore or Rs 5 crore, depending on the category, and will receive immunity from further tax or prosecution. Learn more about this significant tax initiative.