Income-Tax Department nudges taxpayers with UAE and other overseas properties to disclose foreign assets under FAST-DS

New Delhi: The Income-Tax Department has begun nudging select taxpayers holding residential and commercial properties in the UAE and other countries to disclose their overseas assets under a one-time scheme, as it steps up efforts to bring undeclared foreign wealth into the tax net, officials said.

Around 1,100 taxpayers have filed applications under the Foreign Assets of Small Taxpayers-Disclosure Scheme, 2026 (FAST-DS), which allows eligible taxpayers to regularise undisclosed foreign assets and income until December 31, they said.

The department is also looking to expand information available to taxpayers by allowing them to download details of foreign assets reported against their PANs by overseas jurisdictions under the Automatic Exchange of Information framework, including Common Reporting Standard and the Foreign Account Tax Compliance Act, for 2022-24.