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