A new one-time amnesty scheme, FAST-DS, has been launched for Indian residents and NRIs to address past non-compliance in reporting foreign assets, including US stocks received via ESOPs. The move targets missed or inadvertent disclosures and seeks to reduce penalties and litigation under India’s Black Money Act, offering clearer resolution for taxpayers who previously got it wrong.
The Delhi High Court has stayed action under the Black Money (Undisclosed Foreign Income and Assets) Act against “involuntary residents” in the Rajiv Saxena matter. The court ruled the Income Tax Department cannot blindly apply the law to obtain foreign asset information, referencing the AgustaWestland case. It ordered the department to share details of the foreign assets in question.
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