Income Tax department nudges taxpayers to disclose overseas properties
· India · LiveMint, Indian Express
The Income Tax Department has alerted select taxpayers who invested in residential and commercial properties in the United Arab Emirates to declare their overseas assets under the one-time FAST-DS scheme before the 31 December deadline. The scheme, introduced under the Finance Act, 2026, offers tax and penalty relief for qualifying declarations of specified foreign assets and income that were previously unreported. A high-level meeting on 23 October decided to share additional overseas asset information with relevant taxpayers, beyond what is already visible on the e-filing portal from Automatic Exchange of Information data for 2022-2024. The department also receives intelligence under other multilateral frameworks that is not published on the portal due to risk and non-disclosure commitments. The CBDT has launched outreach programmes and set up regional committees under principal chief commissioners to address taxpayer queries. The finance ministry's spokesperson did not respond to qu
Why it matters
Indian taxpayers with undisclosed UAE property now have a narrowing window to regularise holdings with reduced penalties, while the department expands data-sharing and support to drive compliance.
Read the original report — LiveMint
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.