New Delhi, Aug. 16 -- The Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026, opens on August 16, giving eligible taxpayers a one-time window until December 31, 2026, to disclose certain undisclosed foreign assets and income.

For declarations falling under the scheme's first category, the prescribed tax and additional amount can together amount to 60% of the value being disclosed. This means a taxpayer declaring an undisclosed foreign asset worth Rs.1 crore could have a total liability of Rs.60 lakh.

The scheme is aimed at smaller cases of foreign income and assets that were not disclosed or taxed. The government has said it is intended to facilitate voluntary compliance in cases such as foreign ESOPs or RSUs, dormant o...