Centre Launches FAST-DS for Disclosure of Foreign Assets

# Centre Launches FAST-DS for Disclosure of Foreign Assets ### Why in News? The **CBDT** launched the **Foreign Assets** of **Small Taxpayers** – **Disclosure Scheme** (**FAST-DS**), giving eligible taxpayers a one-time window to declare certain undisclosed foreign income or assets. ### How does FAST-DS work? - The scheme is open until December 31, **2026** and covers specified foreign assets within defined value limits. - For one category, taxpayers can settle the disclosure by paying tax and an additional amount in lieu of penalty; another category allows immunity on payment of a fixed fee where the asset was acquired while non-resident or from already-taxed income. - Valid declarations can provide immunity from additional penalty and prosecution under the **Black Money Act**, but proceeds of crime are excluded. ### Exam Connect - **CBDT** → Department of Revenue → **Ministry of Finance** - **Black Money Act**, **2015** → undisclosed foreign income and assets