From mint · Dhirendra Kumar · · 1m 30s
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.
In brief
Income Tax Department urges UAE property owners to disclose overseas assets under FAST-DS scheme by Dec 31. India's Income Tax Department encourages taxpayers with UAE property to report overseas assets by Dec 31 for tax relief under FAST-DS. Originally reported by mint.
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.
Here's the gist
India's Income Tax Department encourages taxpayers with UAE property to report overseas assets by Dec 31 for tax relief under FAST-DS.
