New Delhi, Aug. 15 -- The Central Board of Direct Taxes' (CBDT) one-time disclosure scheme for small taxpayers with undisclosed foreign assets or income will come into force from August 16, giving eligible taxpayers until December 31, 2026, to make declarations and avail immunity from further tax, penalty and prosecution under the Black Money Act.

The Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026, allows eligible taxpayers to voluntarily declare certain undisclosed foreign assets, foreign income or overseas assets that were not reported in the relevant schedule of their income-tax returns, according to FAQs issued by the CBDT.

For undisclosed foreign assets or foreign income that was not offered to tax, the aggrega...