Income Tax Department nudges taxpayers holding undisclosed foreign properties
The portal now shows foreign asset data tied to PANs, while eligible disclosures can be regularized with a 30% tax and equal penalty.
- The Income Tax Department is urging taxpayers to declare undisclosed foreign assets through the Foreign Assets of Small Taxpayers- Disclosure Scheme, 2026 , a one-time opportunity to regularize previously hidden holdings.
- To assist compliance, The Department added an e-filing portal facility allowing taxpayers to view assets reported by foreign jurisdictions under the Automatic Exchange of Information , covering CRS and FATCA data from 2022 to 2024.
- Eligible disclosures require paying a 30 per cent tax on the fair market value plus an equal penalty, while a valid declaration provides immunity from further assessment and prosecution under the Black Money Act.
- The CBDT established regional committees under the Principal Chief Commissioner to resolve taxpayer queries, while officials recently nudged those investing in UAE properties to use The Scheme.
- Around 1,100 taxpayers have filed applications so far, and the online, self-declaratory process remains open until December 31, 2026, as the Finance Ministry continues expanding outreach programmes.
13 Articles
13 Articles
Income Tax Department nudges taxpayers to disclose undeclared foreign properties before December 31
The Scheme provides a time-bound window to regularise eligible disclosures by paying 30 percent tax on the fair market value and equal amount of penalty in addition to tax
The Economic Times
Income Tax Department nudges taxpayers holding undisclosed foreign properties
The Income Tax Department is encouraging taxpayers to declare undisclosed foreign assets through the FAST-DS initiative. A new e-filing portal feature allows taxpayers to view reported asset information from foreign jurisdictions. The Department plans outreach programs to assist corporate employers, educational institutions, and professional organizations. Eligible disclosures under the scheme require a fixed tax and penalty payment for regulari…
Income Tax Department nudges taxpayers holding undisclosed foreign properties - The Tribune
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, Finance Ministry sources told ANI.
Income Tax Department Targets Taxpayers with Undeclared UAE Properties Under FAST-DS Scheme
New Delhi, October 26, 2026 (Yes Punjab News) The Income Tax Department has reached out to select taxpayers who have invested in residential and commercial properties in the United Arab Emirates (UAE), urging them to use the Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS) to declare previously undisclosed overseas assets, according to […]
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