The Economic Times

Missed reporting of overseas bank accounts, ESOPs, and foreign assets in Schedule FA of ITR? FAST-DS offers a chance to come clean

There is an important caveat: the Black Money Act provides relief from Schedule FA penalty for certain foreign assets, other than immovable property, where aggregate value does not exceed Rs 20 lakh. Such taxpayers should first determine whether any penalty actually arises before opting for FAST-DS.