New foreign asset disclosure scheme opened today ( Aug 16)
Have you checked your AIS this week for foreign assets?
CBDT's FAST-DS (Foreign Assets of Small Taxpayers Disclosure Scheme) went live today. If you ever had a foreign bank account, RSUs, or overseas assets you didn't report in your ITR:- students, ex-NRIs, people who worked abroad this is a one-time window to fix it.
Two tracks:
- Never disclosed, value up to ₹1 crore → 30% tax + equal additional levy = 60% total
- Already taxed but missing from your ITR, up to ₹5 crore → flat fee (often nil or ₹1 lakh)
Why now: Your foreign asset data (via CRS/FATCA from 100+ countries) is now showing up in your AIS automatically. The department already knows.
Window: Open till Dec 31, 2026. Valuation date fixed at March 31, 2026. Valid declarations = no prosecution, no extra penalty under the Black Money Act.
Check your AIS on the e-filing portal this week if you've ever had money or investments outside India — even old, forgotten accounts count.