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Published in TaxTMI https://www.taxtmi.com/article/detailed?id=15991

Budget 2026 introduced a new Foreign Assets Disclosure Scheme (‘Scheme’) providing an option to individual taxpayers to regularise previous non-disclosures of foreign assets and income arising therefrom. Suo-moto disclosure of undisclosed foreign income and foreign assets up to ?5 crore and cases involving reporting lapses is permitted, in situations where income has already been offered to tax but the corresponding...

Published in May’26 edition of The Bombay Chartered Accountant Journal

The Union Budget 2026 introduced a one-time Foreign Assets Disclosure Scheme (FAST-DS 2026) to provide a compliance window to individual taxpayers for regularising past non-disclosures of overseas income and assets. The scheme permits voluntary disclosure of undisclosed foreign income and foreign assets up to ?5 crore and cases involving mere reporting lapses, where income has already been offered to tax in India...

IN THIS ISSUE

Background

In terms of section 65 of the CGST Act, the Commissioner or any officer authorized by him may undertake audit of any registered person for such period and frequency, in the manner to be prescribed. The selection of taxable persons for audit is done based on factors such as risk element, total tax payment, turnover, business segment, etc.

Audit initiated by Commissioner or officer authorized by him:

• Section 65 authorizes conduct of audit by the Commissioner...