The Indian Government has launched a one-time tax disclosure scheme allowing small taxpayers to report certain undisclosed foreign ***** ets and income by 31 December 2026.
The Foreign ***** ets of Small Taxpayers–Disclosure Scheme (FAST-DS) was announced in the 2026–27 Union Budget.
The Income Tax Department said the move seeks to bring eligible overseas ***** ets and earnings into the tax net, while providing relief from additional penalties and prosecution.
According to a Reuters report, the scheme applies to taxpayers with undisclosed foreign income of up to Rs10m ($104,614).
For this category, the tax rate is 30%, along with an additional amount equal to the tax, resulting in a 60% effective levy on the disclosed sum.
#scheme
The Foreign ***** ets of Small Taxpayers–Disclosure Scheme (FAST-DS) was announced in the 2026–27 Union Budget.
The Income Tax Department said the move seeks to bring eligible overseas ***** ets and earnings into the tax net, while providing relief from additional penalties and prosecution.
According to a Reuters report, the scheme applies to taxpayers with undisclosed foreign income of up to Rs10m ($104,614).
For this category, the tax rate is 30%, along with an additional amount equal to the tax, resulting in a 60% effective levy on the disclosed sum.
#scheme
28 days ago
