{
  "id": 1084944,
  "title": "Government rolls out foreign asset disclosure scheme for small taxpayers",
  "url": "https://urgent.news/2026/08/15/government-rolls-out-foreign-asset-disclosure-scheme-for-small",
  "topic": "world",
  "section": "World",
  "published": "2026-08-15T17:10:03.000Z",
  "source": {
    "name": "The Hindu",
    "slug": "the-hindu",
    "url": "https://www.thehindu.com/business/Economy/government-rolls-out-foreign-asset-disclosure-scheme-for-small-taxpayers/article71350429.ece"
  },
  "original_language": "en",
  "account": null,
  "summary": "The Income Tax Department of India has introduced a new voluntary disclosure scheme, the Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS), to encourage small taxpayers to declare undisclosed foreign assets and income. The scheme, which took effect on August 16, 2026, allows taxpayers to pay a 60% tax on the declared assets or income, with the fair market value of the assets determined as of March 31, 2026. The FAST-DS targets various groups, including students, young professionals, technology employees, and relocated non-resident Indians who may have failed to disclose their foreign assets or income. The scheme has two categories of declarations, with thresholds set at ₹1 crore and ₹5 crore, respectively, and a fee of ₹1 lakh for the second category. Taxpayers who make valid declarations will be granted immunity from further tax or penalty and prosecution under the Black Money Act, as well as from any additional tax or penalty for the disclosed assets or income.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}