New Delhi, Nov. 14 -- The Income Tax Department has come up with an online filing facility under the 'Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) 2026 ' for eligible individuals. This is a simple one-time scheme that has been introduced to permit eligible taxpayers to voluntarily disclose specified foreign assets and income that were not reported properly and correctly in their income tax returns.

The aim of the scheme is to increase transparency and boost tax compliance. Hence, in order to ensure constructive compliance, taxpayers must submit Form 1 by December 31, 2026. Still, what is vital to keep in mind is that the eligibility in this case depends on an individual's residential status, the source of funds and the t...