Income Tax Department Encourages Disclosure of Overseas Properties Under FAST-DS Scheme

The Income Tax Department is urging taxpayers with overseas properties in the UAE to disclose their assets by December 31 under the FAST-DS scheme, which offers tax and penalty relief for qualifying declarations. The scheme is part of a broader effort to ensure compliance with tax regulations on foreign assets.

Key facts

• The FAST-DS scheme offers a one-time opportunity for taxpayers to disclose specified foreign assets and income by December 31.
• The scheme provides tax and penalty relief for qualifying declarations.
• The Income Tax Department is sharing information about overseas assets with relevant taxpayers to facilitate compliance.
• The FAST-DS scheme differentiates between undisclosed assets and income and certain assets acquired using income earned while the taxpayer was a non-resident.

Sources

• Livemint