Economy News

FAST-DS Scheme for Small Taxpayers

August 19 , 2026 13 hrs 0 min 47 0

The Central Board of Direct Taxes (CBDT) has notified the Foreign Assets of Small Taxpayers–Disclosure Scheme (FAST-DS) Rules, 2026, which came into force on 16 August 2026.
FAST-DS is a one-time voluntary disclosure scheme introduced under Chapter IV of the Finance Act, 2026.
It allows eligible taxpayers to disclose certain undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets by paying the specified tax or fee.
The scheme aims to provide a legal mechanism for eligible small taxpayers to disclose specified foreign holdings or income.
Taxpayers can submit declarations under the scheme only until 31 December 2026; no declaration will be accepted after this date.