The Government has introduced the Foreign Assets of Small Taxpayer Disclosure Scheme (FAST-DS), 2026, providing a one-time compliance window to regularise undisclosed foreign assets with reduced penalties and immunity from prosecution.
👤 Who Should Consider This?
✔ Returning NRIs with foreign bank accounts
✔ Employees holding ESOPs / RSUs abroad
✔ Students / professionals with overseas accounts
✔ Residents who missed reporting in Schedule FA
✔ Individuals with small foreign investments
📊 Two Relief Categories
🔴 Category A – Asset & Income Not Disclosed
• Applicable if asset / income not reported at all
• Eligibility: Asset value up to ₹1 crore
• Pay: 30% tax + 30% additional charge (Total 60%)
• 🎯 Benefit: Full immunity from prosecution
🟢 Category B – Income Disclosed, Asset Not Reported
• Technical non-disclosure in Schedule FA
• Eligibility: Asset value up to ₹5 crore
• Pay: Flat ₹1 lakh only
• 🎯 Benefit: No penalty, No prosecution, Complete closure
⚖ Major Advantage vs Black Money Act
Under normal law:
• Penalty up to 120% of asset value
• Plus prosecution risk
Under FAST-DS:
• Reduced financial burden
• Permanent compliance closure
• Immunity from legal consequences
⏳ Limited Time Opportunity
This scheme will be available only for a 6-month window. Post closure, authorities will rely on global information exchange (CRS) to detect undisclosed assets.
💡 Professional Insight
This is a strategic compliance opportunity for taxpayers to regularise foreign assets at significantly lower cost and risk.
📞 For advisory and compliance support:
CA Ramakrishna Sanjay
+91 77602 52581
No comments:
Post a Comment