New Delhi, Feb. 3 -- In a major relief to taxpayers holding foreign assets, Budget 2026 proposed a one-time, six-month window for taxpayers to voluntarily declare any undisclosed foreign assets or foreign-sourced income and get amnesty from prosecution under the black money Act.

Under tax laws, all foreign assets must be disclosed annually in the FA Schedule of ITR-2 or ITR-3, even if they generate no income. Failure to report, even when there is no tax to pay, can attract a Rs.10 lakh annual penalty and up to seven years imprisonment under the Act.The budget has introduced a one‑time, six-month Foreign Assets of Small Taxpayers-Disclosure Scheme, 2026 (FAST-DS) that allows taxpayers to disclose foreign assets from any past years. ...