Choosing between ITR-U and FAST-DS for unreported foreign income
If you are a taxpayer who missed reporting foreign income, you have two primary options: submitting an Updated Income-tax Return (ITR-U) or utilizing the Foreign Assets of Small Taxpayers - Disclosure Scheme, 2026 (FAST-DS). Opting for ITR-U is often more cost-effective in cases where taxes were already withheld abroad. Conversely, FAST-DS might be a better choice if the origin of the funds is clear and documented, but the asset was simply left out of Schedule FA by mistake.
by shortkt.com✓