Global Daily Tax News, India Launches FAST Disclosure Scheme, (Aug 20, 2026)

India launched its new Foreign Assets of Small Taxpayers (FAST) Disclosure Scheme, 2026, on August 16, 2026.

The amnesty scheme is intended to enable taxpayers to regularize certain undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets, alongside the payment of a specified tax or fee. Applications must be filed by December 31, 2026.

The scheme is open to both residents and non-residents. For non-residents, the scheme covers taxpayers resident in India either in the year to which the undisclosed income relates, or in the year in which the undisclosed asset was acquired.

The scheme may be used by taxpayers who have failed to file a return, who have "escaped assessment" within the meaning of Section 147 of the Income-tax Act, 1961; or who have failed to disclose an asset or income in a return filed before August 16, 2026.

The disclosed income or asset must be worth no more than INR10m (USD104,650). To regularize their affairs, taxpayers must pay 60 percent of the value of the undisclosed asset located outside India, or 60 percent on the undisclosed foreign income declared.

For "assets located outside India, which was already offered to tax or was acquired when the taxpayer was a non-resident, but which was not declared in the relevant schedule of the return," a flat fee of INR100,000 will be charged. This arrangement will be available only for assets located outside India that were worth no more than INR50m on March 31, 2026.