{
  "id": 4803849,
  "title": "Why India’s new foreign assets disclosure scheme has raised concerns",
  "url": "https://urgent.news/2026/09/01/why-indias-new-foreign-assets-disclosure-scheme-has-raised-concerns",
  "topic": "world",
  "section": "World",
  "published": "2026-09-01T06:35:15.000Z",
  "source": {
    "name": "The Indian Express",
    "slug": "the-indian-express",
    "url": "https://indianexpress.com/article/explained/explained-economics/fast-ds-foreign-assets-disclosure-income-tax-rs-1-lakh-fee-10858312/"
  },
  "original_language": "en",
  "account": "The new foreign assets disclosure scheme, known as the Foreign Assets of Small Taxpayers - Disclosure Scheme (FAST-DS), has raised concerns among taxpayers. The scheme requires salaried individuals to disclose their overseas investments, even if they have not yielded any profits. This disclosure comes with a hefty fee of Rs 1 lakh.\n\nOne affected individual invested Rs 90,000 in US-listed stocks, now trading at a loss. The individual had to pay Rs 1 lakh upfront to disclose the loss-making investment. Another employee with a foreign company operating in India had to disclose the vesting details of his ESOP, also facing the Rs 1 lakh penalty.\n\nThe scheme was introduced in this year's Budget to address the concerns of small taxpayers, including students, young professionals, tech employees, and relocated NRIs. However, it has now resulted in doubts and questions among taxpayers due to the high fees and penalties imposed for disclosure.\n\nThe scheme applies to two categories: undisclosed and never-before-taxed foreign income or assets up to Rs 1 crore, and assets up to Rs 5 crore located outside India that were already offered to tax or were acquired when the assessee was a non-resident but not declared in the relevant schedule of the income tax return. For the latter category, the disclosure fee is Rs 1 lakh.\n\nExperts argue that the Rs 1 lakh penalty for disclosure is disproportionate, especially for salaried individuals who have not disclosed their ESOPs or RSUs earlier. They suggest that the authorities should consider the materiality of the amounts and allow for a more proportionate penalty.",
  "summary": null,
  "key_points": [
    "FAST-DS requires salaried individuals to disclose overseas investments, regardless of profit.",
    "Disclosing loss-making investments incurs Rs 1 lakh fee.",
    "Scheme aims to address concerns of small taxpayers but raises doubts due to high penalties."
  ],
  "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."
}