New Delhi, Aug. 28 -- The Central Board of Direct Taxes (CBDT) recently introduced the new Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS). The scheme, unveiled on 14 August, provides eligible taxpayers with undisclosed foreign assets or income a narrow window to come clean, provided they can explain that their assets and valuations comply with the applicable rules and regulations.

Furthermore, in accordance with the rules, the declarations must be filed by 31 December 2026, and valued as on 31 March 2026. These simple steps will help taxpayers resolve any discrepancies associated with their tax returns amicably.

Let us take a look at the scheme in detail, including its rules and their significance, to calculate the fair m...