CBDT HAS NOTIFIED THE FOREIGN ASSETS OF SMALL TAX PAYERS - DISCLOSURE SCHEME ( FAST -DS) RULES 2026

* CENTRAL BOARD OF DIRECT TAXES ( CBDT) HAS NOTIFIED THE FOREIGN ASSETS OF SMALL TAXPAYERS - DISCLOSURE SCHEME ( FAST -DS) RULES 2026 .

* IT IS THE ONE TIME VOLUNTARY DISCLOSURE SCHEME ( CHAPTER IV - Section 130-144) Of The Finance Act 2026.

* It Enables Eligible Taxpayers To Declare Certain Undisclosed Foreign Assets, Undisclosed Foreign Income, Undeclared Foreign Assets, On Payment Of a Specified Tax Or Fee.

* This Scheme Is Comes Into Force On 16th August 2026 

* Last Date For Filling Before 31st December 2026 

* WHO ELIGIBLE FOR - 

a) Who Is Resident In India ( Under Section 6, Income Tax Act 1961) 

b) Non Resident Of India Or Resident But Not Ordinarily Resident ( RNOR) ( Section 6(6) The Income Tax Act 1961) 

( NB - The Previous Year To Which The Undisclosed Foreign Income Under Section 4 Of The Black Money Act 2015 ) 

* A Declaration May Made Where The Assesse - 

a) Has Failed To Furnish a Return Under Section 139 Of the Income Tax 1961 

b) has Failed To Disclose The Asset Or Income in A Return Furnish Before The Scheme Commenced 

C) Such Asset Or Income Has Escaped Assessment Within The Meaning Of Section 147 Of The Income Tax 1961 Act 

* There Are Two Broad Categories Of Declaration - 

a) An Undisclosed Asset Located Outside India Or Undisclosed Foreign Income Which Was Not Offered To Tax ( Section 133) 

b) An asset Located Outside India Which Was Already Offered To Tax Was Acquired When The Assesse Was Non Resident, But Not Declared To Relevant Schedule Of The Return ( Section 133 ( Table - Sl 2) 

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