The Income Tax Department has started sending emails and messages to taxpayers containing information about their foreign assets and financial holdings, including overseas shares, bank accounts and other assets. The move is aimed at helping taxpayers identify any foreign assets that may not have been properly reported in their income tax returns.
The information is being provided as part of the government’s Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) 2026. The scheme gives eligible taxpayers a one-time opportunity to disclose certain previously unreported foreign assets or income. The disclosure window is open until December 31, 2026.
Taxpayers can use the information shared by the department to cross-check their records and verify whether details of overseas bank accounts, shares, securities, property and other eligible assets have been correctly reported in their returns. The Income Tax Department has also enabled taxpayers to view foreign-asset information through the Annual Information Statement (AIS).
Under FAST-DS, different provisions apply depending on the nature and value of the undisclosed asset or income. The scheme covers certain foreign assets and income up to specified limits and provides a mechanism for eligible taxpayers to regularise past non-disclosure. The department has described the initiative as an opportunity for voluntary compliance.
The development is particularly relevant for taxpayers who have worked or studied abroad, invested in overseas stocks, received RSUs or ESOPs, or maintained foreign bank accounts after becoming Indian residents. Taxpayers are being encouraged to carefully check the foreign-asset information available on the tax portal and take appropriate action before the December 31 deadline.
