Ranchi: Income Tax Department on Thursday organised an awareness programme on Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) 2026, a voluntary initiative helping small taxpayers regularise previously undeclared foreign assets and income.Held under the Regional Committee on FAST-DS Scheme 2026, the programme was attended by taxpayers, chartered accountants, tax consultants, trade body representatives and departmental officials.Officials said the scheme offers relief to small taxpayers whose foreign bank accounts, overseas properties, other assets or foreign-sourced income remained undisclosed because of oversight or lack of awareness. “Disclosures can be made under the scheme between Aug 16 and Dec 31, 2026,” said an official.Presentations covered eligibility, the disclosure process, documentation and calculation of tax and related liabilities. Participants were also informed about legal consequences of non-disclosure under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act and Income Tax Act.Senior officials said the scheme aimed to promote compliance and enable voluntary disclosure before possible enforcement action. Income Tax Department urged eligible taxpayers to file disclosures by Dec 31.
