Introductory In Union Budget 2026, the Finance Minister has announced a welcome scheme called ‘Foreign Assets of Small Taxpayers Disclosure Scheme 2026’ (FAST – DS 2026). As the name suggests, this scheme is with regard to the disclosure of foreign assets of small taxpayers. This scheme will bring a needed relief to small taxpayers who have unknowingly missed reporting of their foreign assets in their ITRs in India. In many cases, NRIs and OCIs returning to India disclose their foreign…