{
  "id": 977285,
  "title": "Government opens one-time disclosure window till Dec 31 for undisclosed foreign assets up to Rs 5 crore",
  "url": "https://urgent.news/2026/08/15/government-opens-one-time-disclosure-window-till-dec-31-for",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-15T06:29:28.000Z",
  "source": {
    "name": "The Indian Express",
    "slug": "the-indian-express",
    "url": "https://indianexpress.com/article/business/government-one-time-disclosure-window-undisclosed-foreign-assets-5-crore-10834448/"
  },
  "original_language": "en",
  "account": "The Indian government has introduced a one-time voluntary disclosure scheme, called Foreign Assets of Small Taxpayers - Disclosure Scheme (FAST-DS), which allows taxpayers to declare undisclosed foreign bank accounts, immovable property, jewellery, artistic work, shares, securities, or any other assets on payment of a specified tax or fee. The scheme is effective from August 16, 2026, with the last declaration date being December 31, 2026. It applies to two categories of assets or income - undisclosed foreign income or assets located outside India up to Rs 1 crore, and assets or assets acquired from income outside India acquired by a non-resident while not declaring them upon becoming a resident, up to Rs 5 crore. Those who declare and pay the required tax or fee will receive immunity from prosecution, penalty, and prosecution under the Black Money Act, 2015, and their declared income or asset will not be included in their total income under the Income-tax Act or the Black Money Act. The valuation date for the scheme is March 31, 2026, and taxpayers must make their declaration electronically in Form 1 to the Income Tax Authority.",
  "summary": null,
  "key_points": [
    "Indian government launches FAST-DS scheme until Dec 31, 2026",
    "Covers undisclosed foreign assets up to Rs 5 crore",
    "Offers immunity from prosecution for declared assets"
  ],
  "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."
}