Black Money: The Government of India not only keeps an eye on the people living in the country, but also keeps a close watch on their property. The government has full attention not only on those who have property in India but also on those who have property abroad. People who have accumulated assets abroad will now have to give their complete details to the government. If this is not done then strict action will be taken against them under the Black Money Act.

What is the whole matter?
Actually, the government is going to start the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) from July 1, 2026. Under this scheme, people will get a total of six months till December 31, 2026, in which they will have to give information about their overseas assets and income, which were not earlier disclosed in the income tax return. If they do not do this in these six months, then strict action will be taken against them under the Black Money Act.

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A source close to the government has told NDTV Profit about this. According to information received from sources, this scheme is being brought especially for middle class and small taxpayers. This includes IT professionals holding ESOPs of foreign companies, NRIs returning from abroad and students having bank accounts or small assets while studying abroad.

about the scheme
This scheme will work in two categories, the first category will cover undisclosed foreign assets and income up to Rs 1 crore. On declaring these, 60% tax of the market value of the property will have to be paid. Whereas the second category will include such foreign assets up to Rs 5 crore, whose income was shown and tax was paid in India, but the information about the foreign assets was not given in Schedule FA of the income tax return. In such cases, a fee of Rs 1 lakh will have to be paid only once.

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Why is this plan important?
Let us tell you that the objective of the government behind implementing this scheme is to save people from heavy fines under the Black Money Act. Those who make correct disclosures about their foreign assets within the limited time will be saved from heavy fines and criminal action under the Black Money Act. Especially for tech professionals and Indians returning from abroad, this scheme is being considered a big opportunity to correct the old records.