Updated ITR vs FAST-DS: Which is Better for Foreign Income?

Explore whether the updated Income Tax Return (ITR) is more economical than the FAST-DS for disclosing foreign income. The 2026 Foreign Assets Disclosure Scheme offers immunity but imposes a hefty 60% penalty on undisclosed amounts, making it crucial for small taxpayers to understand their options. This analysis highlights key differences and implications for taxpayers navigating overseas holdings.