A limited amnesty-like scheme lets eligible taxpayers regularize certain undisclosed foreign assets or foreign-sourced income. Treatment and cost depend on how and when the asset was acquired.
Asset source matters more than size: when the asset was acquired and whether the income was already taxed in India determine which category applies.
The ₹1 lakh fee for the second category is payable once per asset in the first year of non-disclosure, not annually for the same asset.
A former student who returned to India years ago called me last week: "Sir, I worked in the UK back in 2015. A senior corporate executive asked: "I received RSUs worth ₹5 lakh while working abroad. Is that also treated as Black Money?" These sound like small, innocent oversights.
The amount may be small, but the foreign-asset reporting obligation does not automatically disappear because the balance is small. Sometimes, the biggest tax problem is not the asset we know about-it is the asset we have forgotten about. Is it really a problem?" Another question followed.
14th September 2026 Forgotten Foreign Bank Account? I still have a dormant bank account there with around £ 2,000. Form 1 is available electronically on the Income Tax e-filing portal.
Foreign Asset Disclosure Scheme 2026: 60% Tax or Just ₹1 Lakh? The Reason Why a Foreign Asset Was Not Disclosed May Decide Whether the Cost Is ₹48 Lakh-or Just ₹1 Lakh Foreign assets have always been an area of heightened tax compliance. A foreign bank account, property, shares, securities or other overseas asset may h
Taxpayers who wish to declare undisclosed foreign assets or foreign-sourced income under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) can file Form 1, available on the e-filing portal of the Income Tax Department. “Form 1 under the ‘Foreign Assets of Small Taxpayers Disclosure Scheme, 20
The Income Tax Department also noted that the individuals had not filed an income tax return (ITR) for the relevant year. This meant the department did not have details of the income he had earned during the period under scrutiny.
A belated return costs Rs 5,000 plus interest – not your deductions. Here's what survives a late filing, what you actually lose, and when an updated return is cheaper instead.
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The absence of an original ITR became a key issue. Although the department had information about the substantial sums held in his Indian accounts, there was no tax return on record explaining their nature and source.
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