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The Economic Times

Economy / The Economic Times

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I-T likely to send notices over undisclosed foreign property

The Income-Tax Department will send notices to resident Indians regarding undisclosed foreign properties. Information was obtained through spontaneous exchanges and prior investigations into overseas assets. The FAST-DS scheme allows individuals to voluntarily disclose properties without facing penalties or prosecution. This opportunity aims to regularize the foreign assets of small taxpayers effectively. Overall participation in the scheme has been lower than anticipated due to its limitations.

23 Oct 2026 12:24 am