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 Finance Ministry sources.
The scheme offers a one-time, time-bound opportunity to regularise eligible disclosures by paying tax at 30 per cent of the fair market value of the assets, along with an equivalent amount as penalty. The process is entirely online and based on self-declaration.
A valid declaration under FAST-DS provides immunity from further assessment, penalties and prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, subject to the scheme’s conditions.
The scheme also allows eligible taxpayers to disclose unaccounted assets and income by paying a fee of ₹1 lakh, helping them avoid the penalty of ₹10 lakh for each year prescribed under the Black Money Act, according to the information provided by the Finance Ministry.
Approximately 1,100 taxpayers have filed applications under the scheme so far, sources said. The scheme remains open until December 31, 2026.
To help taxpayers identify overseas assets reported against their Permanent Account Numbers (PANs), the department has introduced a facility on its e-filing portal. Through this facility, taxpayers can access information reported by foreign jurisdictions under the Automatic Exchange of Information (AEOI) framework, including the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA).
Taxpayers can log in to the portal and download the available information for the three-year period from 2022 to 2024.
Sources clarified that the portal currently displays information received under AEOI from jurisdictions participating in the CRS/FATCA frameworks. Information obtained through other multilateral arrangements has not been displayed because of various risk factors or non-disclosure commitments. The department also gathers information from other sources.
At a high-level meeting held on October 23, the department decided that such additional information could also be shared with relevant taxpayers wherever possible, enabling them to assess their disclosures and take advantage of FAST-DS.
The Income Tax Department has also planned awareness and outreach programmes involving taxpayers, corporate employers, educational institutions, professional bodies and industry associations to increase participation in the scheme.
The Central Board of Direct Taxes (CBDT), the apex body overseeing the Income Tax Department, has constituted a committee in each region under the respective Principal Chief Commissioner to address taxpayers’ questions and concerns regarding the scheme.
The initiative is aimed at encouraging voluntary disclosure of foreign assets and income while giving eligible taxpayers a time-limited opportunity to regularise their tax affairs.
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