# Income Tax Department Nudges Taxpayers to Disclose Overseas Assets

> Income Tax Department urges UAE property owners to disclose overseas assets under FAST-DS scheme by Dec 31.
- Title: Income Tax Department Nudges Taxpayers to Disclose Overseas…
- Summary: Income Tax Department urges UAE property owners to disclose overseas assets under FAST-DS scheme by Dec 31. India's Income Tax Department encourages…
- Keywords: income tax department, uae, fast-ds scheme, overseas properties, tax relief, december 31, foreign assets, taxpayers, news, india, Income, Tax
- Source: mint — https://livemint.com/news/india/income-tax-department-nudges-taxpayers-to-disclose-overseas-properties-11793022090116.html
- Author: Dhirendra Kumar
- Published: 2026-10-26T14:22:57+00:00
- Read time: 1 min
- Topics: income tax department, uae, fast-ds scheme, overseas properties, tax relief, december 31, foreign assets, taxpayers, news, india
## Income Tax Department Nudges Taxpayers
The Income Tax Department has nudged select taxpayers who invested in residential and commercial properties in the UAE to disclose overseas assets under a one-time compliance scheme.
## FAST-DS Deadline: December 31
The Foreign Assets of Small Taxpayers, Disclosure Scheme, 2026 gives eligible taxpayers until December 31 to disclose specified foreign assets and income.
## Department Shares Asset Information
The department has decided to share overseas asset information with relevant taxpayers to help them take advantage of the scheme.
## High-Level Meeting Decision
The decision was taken at a high-level meeting on October 23, 2026, the official added.
## E-Filing Portal Information
Taxpayers can log in to the e-filing portal to download assets reported against their PANs for 2022-2024.
## Scheme Provisions
For undisclosed foreign assets, eligible taxpayers must pay 30% tax on the applicable value plus an additional amount equal to the tax paid, with an aggregate value limit of ₹1 crore.
## Tax Relief for Accounted Assets
Taxpayers can report accounted foreign assets by paying a fee of ₹1 lakh to avoid the ₹10 lakh penalty for each year under the Black Money Act.
## Key takeaway

India's Income Tax Department encourages taxpayers with UAE property to report overseas assets by Dec 31 for tax relief under FAST-DS.