ICAI Coimbatore Branch, Income Tax Department Conduct Awareness Programme on FAST-DS 2026

Coimbatore: The Coimbatore Branch of the Institute of Chartered Accountants of India (ICAI), in association with the Income Tax Department, Coimbatore, organised an awareness programme on the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026, at ICAI Bhavan in R.S. Puram on Wednesday (November 4).

The programme focused on the role of Chartered Accountants in helping small taxpayers voluntarily disclose foreign assets that had not been reported in their earlier income tax returns.

Addressing the gathering, V. Srivijay, IRS, Additional Director of Income Tax (Investigation), Coimbatore, said FAST-DS was a one-time opportunity for small taxpayers to disclose previously unreported foreign assets. The scheme will remain open until December 31, 2026.

J. Aiswarya, IRS, Deputy Commissioner of Income Tax (Exemptions), and G. Sudarshan, IRS, Deputy Director of Income Tax (Investigation), Unit 1, explained the key features of the scheme and the role Chartered Accountants could play in assisting taxpayers.

In his concluding remarks, S.K. Senthil Kumar, IRS, Additional Commissioner of Income Tax, Corporate Range, Coimbatore, said the scheme was intended to help taxpayers rather than penalise them. He also encouraged professionals to approach the department without hesitation if they encountered any difficulties.

CA Survajith S. Krishnan, Chairman of the ICAI Coimbatore Branch, said many individuals who had returned from overseas or travelled abroad on company assignments continued to hold foreign bank accounts, retirement funds and shares. Once they became residents of India, such assets were required to be disclosed in their income tax returns, but some had failed to do so due to a lack of awareness.

He urged eligible taxpayers to approach their Chartered Accountants and voluntarily disclose such assets under the scheme to avoid future penalties and legal proceedings.

CA N.N. Sanmugavadivel, Past Chairman and Event Coordinator, said such awareness programmes helped take government initiatives to the public and proposed the vote of thanks.

Past chairpersons, senior and young Chartered Accountants, and members of the Tamil Nadu and Pondicherry Chartered Accountants and the Auditors Association of Southern India attended the programme.