The Times of India

Foreign Assets Disclosure Scheme: Budget 2026 offers amnesty for small taxpayers; prosecution norms eased

Under the proposed Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026), resident taxpayers will get a time-bound opportunity to declare undisclosed foreign income and assets, nearly a decade after the one-time compliance window offered in 2015. A second category covers cases where income was disclosed or tax paid but the foreign asset itself was not declared.