Income Tax Department Encourages Declaration of Undisclosed Foreign Assets

The Income Tax Department in India is encouraging taxpayers with undisclosed foreign assets to declare them through the FAST-DS scheme. A new feature on the e-filing portal allows taxpayers to view reported asset information from foreign jurisdictions. Outreach programs are planned to assist various stakeholders. Eligible disclosures under the scheme require a fixed tax and penalty payment for regularization.

Key facts

• The Income Tax Department is promoting the FAST-DS scheme for undisclosed foreign assets.
• A new feature on the e-filing portal allows taxpayers to view reported asset information from foreign jurisdictions.
• Outreach programs are planned for corporate employers, educational institutions, and professional organizations.
• Eligible disclosures under the scheme require a fixed tax and penalty payment for regularization.

Sources

• The Economic Times