The Income Tax Department has organised an outreach programme on Foreign Assets of Small Taxpayers- Disclosure Scheme (FAST-DS), 2026 for chartered accountants, income tax practitioners and other tax professionals in Thoothukudi on Thursday.
According to a press statement, the programme was conducted under the guidance of Principal Commissioner of Income Tax Vivekanandan and Yasser Arafat, Additional Commissioner of Income Tax, Thoothukudi.
The scheme primarily aims to provide an opportunity to eligible small taxpayers and other eligible persons to disclose and regularise details of foreign assets and income that may have been inadvertently omitted from their income tax returns. This includes foreign assets acquired out of income already subjected to tax as well as eligible cases involving foreign income.
Chartered accountants, income tax practitioners and other tax professionals participated in the programme. Income tax officers K. Shanmugasundararaj and K. Kandasaravanan explained the key provisions of FAST-DS 2026, including the eligibility criteria, categories of declarations, valuation of foreign assets, applicable tax and fee prescribed forms and timelines for filing declarations.
During the interactive session, participants raised queries on the requirement to disclose foreign assets acquired out of income already taxed in India, Schedule FA reporting requirements, residential status, valuation of assets, eligibility under the scheme and the procedure for filing declarations.
The programme helped enhance awareness among tax professionals about the objectives and benefits of FAST-DS 2026, besides familiarising them with the procedure for regularising eligible omissions relating to foreign assets and income.
Published – November 05, 2026 08:32 pm IST
