Resident and ordinarily resident individuals must report foreign assets in Schedule FA of their income tax return by July 31, 2026. Non-residents and resident but not ordinarily resident individuals are exempt. Reporting includes peak values and beneficial ownership, with penalties for non-compliance under the Black Money Act.
The FTC order ties Mashinsky’s $10 million payment to a mostly suspended $4.72 billion judgment that can be revived over asset disclosures.
India has introduced FAST-DS (Foreign Assets of Small Taxpayers Disclosure Scheme), a one-time amnesty program in Budget 2026 allowing Indian residents and NRIs to voluntarily disclose unreported foreign assets. The scheme targets inadvertent non-compliance, particularly for ESOP holders and those who failed to report foreign assets in ITR Schedule FA. Taxpayers with aggregate assets up to Rs 1 crore pay 60% settlement, while those with assets up to Rs 5 crore acquired from previously-taxed income pay just Rs 1 lakh. The scheme aims to reduce Rs 10 lakh penalties under the Black Money Act and avoid litigation.
