{
  "id": 2953406,
  "title": "FAST-DS: Regularise foreign income by Dec 31",
  "url": "https://urgent.news/2026/08/24/fast-ds-regularise-foreign-income-by-dec-31",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-24T01:00:00.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/wealth/tax/missed-reporting-of-overseas-bank-accounts-esops-and-foreign-assets-in-schedule-fa-of-itr-fast-ds-offers-a-chance-to-come-clean/articleshow/133416916.cms"
  },
  "original_language": "en",
  "account": "The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS) provides an opportunity for taxpayers to address foreign income and asset disclosure mistakes that may have been overlooked over time. The scheme, effective from 16 August 2026, closes on 31 December 2026 for applications. The valuation date for determining eligibility is 31 March 2026. Under FAST-DS, eligible taxpayers can regularise specified foreign assets and income for a tax liability of 60% of the disclosed amount, compared to a potential 120% under the Black Money Act. This scheme can help taxpayers avoid significant tax burdens and legal risks associated with undisclosed foreign assets and income.",
  "summary": null,
  "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."
}