Undisclosed Foreign Assets: Settle With Rs 1 Lakh Penalty Under New Scheme

• Government introduces a six-month amnesty window, FAST-DS, for undisclosed foreign assets.
• Scheme offers relief to Indians with foreign assets struggling with complex tax rules.
• Category A: For undisclosed income/assets up to Rs 1 crore, pay 60% tax (30% tax + 30% additional charge) for immunity.
• Category B: For assets where tax was paid but not declared in FA schedule, pay Rs 1 lakh penalty if asset value is below Rs 5 crore.
• Scheme is open to taxpayers not yet penalized or under investigation, offering a better alternative to Black Money Act penalties.