India to launch one-time foreign asset disclosure scheme

India will launch a one-time compliance scheme from August 15 for small taxpayers who failed to report foreign assets or income. The Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) 2026 covers undisclosed foreign income up to Rs 1 crore or assets up to Rs 5 crore, with a window until December 31. Announced in the February Budget, it aims to help genuine taxpayers avoid harsher penalties under the Black Money Act.