Tax Declaration Scheme

FAST-DS provides an additional opportunity for eligible taxpayers to voluntarily bring specified previously undisclosed foreign assets and income into compliance.

FAST-DS offers immunity from further tax, penalties and prosecution for valid declarations, with the Income Tax Department setting Dec. 31, 2026 as the deadline.

The scheme comes into force on August 16, 2026, with declarations open till December 31, 2026, and asset values to be computed as on a valuation date of March 31, 2026.

CBDT has notified Foreign Assets of Small Taxpayers-Disclosure Scheme Rules, 2026, effective August 16; sets Rs 1 crore and Rs 5 crore thresholds for eligibility.

The government has also extended the due date for filing declaration under the direct tax dispute resolution scheme Vivad Se Vishwas by a month till January 31, 2021.

The Income Tax Department, it said, did not take into consideration the much-talked about Rs 13,860 crore declaration made by Ahemdabad based Mahesh kumar Champaklal Shah.

The Pradhan Mantri Garib Kalyan scheme provides for 50 per cent taxes and surcharge on declarations of unaccounted cash deposited in banks. Declarants also have to park a quarter of the total sum in a non-interest bearing deposit for four years.

Not declaring the black money under the scheme now but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty.

A simple two-page form is all that needs to be filled for declaring unaccounted cash under the new tax evasion amnesty scheme which does not require one to reveal the source of such income.

Not declaring undisclosed cash or deposits under the scheme but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty.

Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.

In the biggest ever black money disclosure, at least Rs 65,250 crore of undisclosed assets were declared under the IDS that ended on September 30.

In the biggest ever black money disclosure, at least Rs 65,250 crore of undisclosed assets were declared under the IDS that ended on September 30.

Under the Income Declaration Scheme 64,275 persons declared black money totalling Rs 65,250 crore. This will fetch the exchequer a tax of Rs 29,362.5 crore.

Under the Income Declaration Scheme 64,275 persons declared black money totalling Rs 65,250 crore. This will fetch the exchequer a tax of Rs 29,362.5 crore.

FAST-DS provides an additional opportunity for eligible taxpayers to voluntarily bring specified previously undisclosed foreign assets and income into compliance.

FAST-DS offers immunity from further tax, penalties and prosecution for valid declarations, with the Income Tax Department setting Dec. 31, 2026 as the deadline.

The scheme comes into force on August 16, 2026, with declarations open till December 31, 2026, and asset values to be computed as on a valuation date of March 31, 2026.

CBDT has notified Foreign Assets of Small Taxpayers-Disclosure Scheme Rules, 2026, effective August 16; sets Rs 1 crore and Rs 5 crore thresholds for eligibility.

The government has also extended the due date for filing declaration under the direct tax dispute resolution scheme Vivad Se Vishwas by a month till January 31, 2021.

The Income Tax Department, it said, did not take into consideration the much-talked about Rs 13,860 crore declaration made by Ahemdabad based Mahesh kumar Champaklal Shah.

The Pradhan Mantri Garib Kalyan scheme provides for 50 per cent taxes and surcharge on declarations of unaccounted cash deposited in banks. Declarants also have to park a quarter of the total sum in a non-interest bearing deposit for four years.

Not declaring the black money under the scheme now but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty.

A simple two-page form is all that needs to be filled for declaring unaccounted cash under the new tax evasion amnesty scheme which does not require one to reveal the source of such income.

Not declaring undisclosed cash or deposits under the scheme but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty.

Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.

In the biggest ever black money disclosure, at least Rs 65,250 crore of undisclosed assets were declared under the IDS that ended on September 30.

In the biggest ever black money disclosure, at least Rs 65,250 crore of undisclosed assets were declared under the IDS that ended on September 30.

Under the Income Declaration Scheme 64,275 persons declared black money totalling Rs 65,250 crore. This will fetch the exchequer a tax of Rs 29,362.5 crore.

Under the Income Declaration Scheme 64,275 persons declared black money totalling Rs 65,250 crore. This will fetch the exchequer a tax of Rs 29,362.5 crore.