{"id":119422,"date":"2026-08-16T14:12:52","date_gmt":"2026-08-16T08:42:52","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=119422"},"modified":"2026-08-16T17:17:42","modified_gmt":"2026-08-16T11:47:42","slug":"foreign-assets-of-small-taxpayers-disclosure-scheme","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/foreign-assets-of-small-taxpayers-disclosure-scheme\/","title":{"rendered":"Foreign Assets of Small Taxpayers \u2013 Disclosure Scheme"},"content":{"rendered":"<h2><b>Foreign Assets of Small Taxpayers \u2013 Disclosure Scheme Latest News<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Recently, the government has notified a one-time voluntary disclosure scheme, Foreign Assets of Small Taxpayers \u2013 Disclosure Scheme (FAST-DS).<\/span><\/p>\n<h2><b>About Foreign Assets of Small Taxpayers \u2013 Disclosure Scheme<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is a <\/span><b>one-time voluntary disclosure scheme<\/b><span style=\"font-weight: 400;\"> contained in Chapter IV of the <\/span><b>Finance Act, 2026.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It enables eligible taxpayers to declare certain <\/span><b>undisclosed foreign assets<\/b><span style=\"font-weight: 400;\">, undisclosed foreign income, or <\/span><b>undeclared foreign assets<\/b> <b>on payment of a specified tax or fee.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Asset includes immovable property, jewellery, artistic work, shares, securities or any other asset or income,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The scheme applies to <\/span><b>two broad categories of asset or income<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Category 1:<\/b><span style=\"font-weight: 400;\"> An undisclosed foreign asset or foreign income that was not previously offered to tax, the <\/span><b>aggregate value must not exceed \u20b91 crore.<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Under this, <\/span><b>taxpayers need to pay 30% of fair market value of assets<\/b><span style=\"font-weight: 400;\"> or 30% of undisclosed income as tax and 30% as additional income tax in lieu of penalty in order to get immunity from prosecution.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Category 2:<\/b><span style=\"font-weight: 400;\">\u00a0 It <\/span><b>covers foreign assets<\/b><span style=\"font-weight: 400;\"> that were already offered to tax or acquired when the taxpayer was a non-resident but were not reported in the relevant tax-return schedule. The threshold for <\/span><b>such declarations is \u20b95 crore.<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">For this category, <\/span><b>immunity from both penalty and prosecution<\/b><span style=\"font-weight: 400;\"> is available with the <\/span><b>fee payment of Rs 1 lakh.<\/b><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Immunity: <\/b><span style=\"font-weight: 400;\">Taxpayers making valid declarations <\/span><b>will receive immunity<\/b><span style=\"font-weight: 400;\"> from any further tax or penalty and from prosecution under the <\/span><b><a href=\"https:\/\/vajiramandravi.com\/current-affairs\/black-money-undisclosed-foreign-income-and-assets-and-imposition-of-tax-act-2015\/\" target=\"_blank\">Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015<\/a>.<\/b><\/li>\n<\/ul>\n<p><b>Source: <\/b><strong><a href=\"https:\/\/indianexpress.com\/article\/business\/rbi-closes-fcnr-b-forex-swap-facility-august-31-inflows-52-billion-10833685\/?ref=infinite\" target=\"_blank\" rel=\"nofollow noopener\">IE<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Foreign Assets of Small Taxpayers \u2013 Disclosure Scheme is a one-time voluntary disclosure scheme contained in Chapter IV of the Finance Act, 2026. Read more about Foreign Assets of Small Taxpayers \u2013 Disclosure Scheme<\/p>\n","protected":false},"author":24,"featured_media":119449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[9570,21,22,23],"class_list":["post-119422","post","type-post","status-publish","format-standard","has-post-thumbnail","category-upsc-prelims-current-affairs","tag-foreign-assets-of-small-taxpayers-disclosure-scheme","tag-prelims-pointers","tag-upsc-current-affairs","tag-upsc-prelims-current-affairs","no-featured-image-padding"],"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/119422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=119422"}],"version-history":[{"count":4,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/119422\/revisions"}],"predecessor-version":[{"id":119450,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/119422\/revisions\/119450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/119449"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=119422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=119422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=119422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}