New Delhi, Aug. 22 -- For Indians who returned home after working or studying abroad, an old overseas bank account can be easy to overlook. But once a person becomes a resident of India, certain foreign assets have to be reported in the income tax return. The government has now opened a one-time window for eligible taxpayers to disclose such assets and seek immunity from penalties and prosecution under the Black Money Act.

The Foreign Assets of Small Taxpayers - Disclosure Scheme (FAST-DS), 2026 came into effect on 16 August and allows eligible taxpayers to make declarations until 31 December 2026. The scheme covers specified undisclosed foreign assets and income, as well as some foreign assets that were acquired legitimately but were no...