Topic
foreign assets
Finance FX & Currency #weaker rupee#foreign assets
Weaker rupee may push foreign assets over FAST-DS Rs 1 crore limit, raising tax bill
The rupee's 14-33% decline over three to seven years may push foreign holdings above the FAST-DS Rs 1 crore limit, potentially disqualifying taxpayers from the 60% tax-and-penalty disclosure window. The Income Tax Department's voluntary scheme, open since August 16, uses March 31, 2026 as the exchange-rate date for assets, but experts disagree on whether income should be converted at that date or the year-earned rate. Taxpayers with over Rs 1 crore in undisclosed income are weighing updated returns alongside FAST-DS, but face risks of void declarations if facts are suppressed.
Aug 27, 2026 1 source
Economy #tax amnesty#undisclosed assets
Now, tax amnesty for undisclosed foreign assets
Read the full story for in-depth analysis.
Aug 16, 2026 1 source