Income-Tax Department nudges taxpayers with UAE and other overseas properties to disclose foreign assets under FAST-DS

The Income-Tax Department is encouraging selected taxpayers to disclose overseas assets under a new scheme. This initiative targets individuals holding properties in the UAE and other countries. Approximately 1,100 taxpayers have applied under the Foreign Assets of Small Taxpayers-Disclosure Scheme, which is open until December 31. Additionally, the department is expanding access to foreign asset information previously reported by overseas jurisdictions.