CBDT’s FAST-DS 2026 scheme for small taxpayers to come into force tomorrow

New Delhi, August 15
Central Board of Direct Taxes (CBDT) has notified the Foreign Assets of Small Taxpayers -Disclosure Scheme (FAST-DS) Rules, 2026. It enables eligible taxpayers to declare certain undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets, on payment of a specified tax or fee.

The Scheme will come into force from tomorrow and the last date for filling a declaration under this scheme is 31st December this year. No declaration can be filed after this date. The Foreign Assets of Small Taxpayers-Disclosure Scheme 2026 is a one-time voluntary disclosure scheme contained in Chapter IV of the Finance Act, 2026.

The Income Tax Department has issued a comprehensive FAQ document on the scheme and rules as part of its continued efforts to enhance taxpayer awareness and facilitate a better understanding of the scheme. It added that the FAQs provide clear and concise explanations for the benefit of taxpayers and other stakeholders.