Are you one of those resident Indian taxpayers missed reporting foreign income or foreign assets while filing Indian Income Tax return the past several years? If so, there is an immunity scheme launched by the government through Union Budget 2026. You can take the benefit under this Scheme. In case you wish to avail the service from us on this compliance, you can reach out to us on our mail id This email address is being protected from spambots. You need JavaScript enabled to view it. or text to 9845721255. What to read more about the scheme, here is the brief -

The Union Budget 2026 has introduced a significant and much-needed relief measure for individual taxpayers through the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026). This scheme acknowledges a practical reality, many resident taxpayers have small foreign assets or foreign income that remained undisclosed due to oversight, legacy issues, or lack of awareness, rather than deliberate tax evasion.

FAST-DS 2026 provides a time-bound, statutory opportunity to voluntarily disclose such foreign income or assets and obtain full immunity from penalty and prosecution under the Black Money Act, subject to specified conditions.

The scheme broadly covers two categories.

First, where a resident taxpayer has undisclosed foreign income or an undisclosed foreign asset, the scheme permits declaration provided the aggregate value does not exceed ₹1 crore. In such cases, the taxpayer is required to pay tax at 30%, along with an additional amount equal to 100% of such tax. Once paid within the prescribed time, the income or asset will not be taxed again, and immunity from penalty and prosecution is granted.

Second, the scheme addresses a common compliance lapse, foreign assets acquired legitimately (during a non-resident period or from already-taxed income) but not reported in Schedule FA after becoming a resident. Where the value of such assets does not exceed ₹5 crore, the taxpayer can regularise the lapse by paying a flat fee of ₹1 lakh, without any recomputation of tax.

The process is entirely electronic, with defined timelines for verification, payment, and issuance of a conclusive certificate. Importantly, amounts paid under the scheme are non-refundable, and the declaration cannot be used to reopen or revise completed assessments.

However, the scheme does not apply to assets representing proceeds of crime or cases already concluded under the Black Money Act.

In substance, FAST-DS 2026 is a balanced compliance-driven measure, strict on limits, but fair in intent. Taxpayers with small legacy foreign exposures should carefully evaluate eligibility and act within the notified window.

B. E. Kumar Prasad
98457 21255
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