New Delhi, Aug. 26 -- The Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS), recently notified by the income tax department, has given eligible taxpayers a one-time window to disclose foreign assets and income that they either failed to report or did not disclose in the relevant schedule while filing their income tax return.

The one-time disclosure window came into effect from August 16 and remains open for declarations until December 31, 2026. It is meant for small taxpayers such as students, young professionals, and relocated non-Indian residents.

However, those opting for the scheme are required to pay an additional levy, with the amount depending on the category under which the asset falls. This is where confusion may ar...