Neutral impactEconomy
Disclosing foreign assets or income under FAST-DS 2026 is just the first step: Here's how to pay tax
Mint 2 hrs ago·28 Sept 2026, 2:15 pm
The Indian government has launched the Foreign Asset and Taxation Disclosure Scheme (FAST-DS) 2026. This initiative provides a specific window for eligible taxpayers to voluntarily disclose previously undisclosed foreign assets or income. The scheme is designed to bring such holdings into the tax net, offering a chance to regularize financial affairs without facing prosecution.
This move is significant for investors as it aims to broaden the tax base and increase compliance. By encouraging voluntary disclosure, the government seeks to recover revenue that may have been lost due to offshore assets. For the broader market, it signals a continued effort to strengthen tax administration and ensure a level playing field for all businesses.
Taxpayers who make a valid declaration must follow a prescribed payment process. This involves filing the necessary forms and paying the tax due, along with applicable interest and a penalty. The government has set a deadline for these disclosures, so affected investors should act promptly to avoid missing the opportunity.
Excerpt from Mint
FAST-DS 2026 allows eligible taxpayers to disclose certain previously undisclosed foreign assets or income. Those making a valid declaration must follow a prescribed payment process. Here’s what taxpayers need to know about ITNS 289 and the steps involved in making the tax payment. The Foreign Assets of Small…Read the original at Mint
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