The Coimbatore Branch of the Southern India Regional Council (SIRC) of the Institute of Chartered Accountants of India (ICAI), in association with the Income Tax Department, Coimbatore, organised an awareness programme on “The Role of CAs in FAST-DS 2026” (Foreign Assets of Small Taxpayers Disclosure Scheme) on Wednesday at ICAI Bhavan, R.S. Puram.
C.A. Survajith Krishnan, Chairman of the ICAI Coimbatore Branch, welcomed the gathering.
In his opening remarks, Srivijay, IRS, Additional Director of Income Tax (Investigation), Coimbatore, highlighted that FAST-DS 2026 offers a one-time opportunity for small taxpayers to disclose foreign assets that had not been reported earlier. He also informed the gathering that the scheme would remain open until 31st December 2026.
Aiswarya, Deputy Commissioner of Income Tax (Exemptions), and Sudarshan, IRS, Deputy Director of Income Tax (Investigation), Unit 1, explained the key features of the scheme and highlighted the important role Chartered Accountants can play in creating awareness and assisting taxpayers in making disclosures.
Delivering the concluding remarks, Senthil Kumar, IRS, Additional Commissioner of Income Tax, Corporate Range, Coimbatore, emphasised that the scheme was intended to facilitate taxpayers rather than penalise them. He encouraged professionals to approach the Department without hesitation if they encountered any difficulties.
Speaking on the occasion, CA. Survajith S. Krishnan, Chairman of the ICAI Coimbatore Branch, said, “Many people who have returned from abroad, as well as those who travelled overseas on on-site assignments for their companies, continue to hold bank accounts, retirement funds or shares abroad.
“Once they become residents of India, these foreign assets must be reported in their income tax returns. However, many taxpayers may have missed reporting them simply because they were unaware of the requirements. By coming forward voluntarily under FAST-DS, they can avoid future penalties and legal proceedings while gaining peace of mind at a low cost.
“They should approach their Chartered Accountant, their trusted adviser, without delay. The ICAI Coimbatore Branch will continue to work hand in hand with the Income Tax Department.”
C.A Sanmugavadivel, Past Chairman and Event Coordinator, observed that such awareness programmes play an important role in ensuring that government initiatives reach the public. He also proposed the vote of thanks.
Past Chairpersons, senior and young Chartered Accountants, and members of the Tamil Nadu & Pondicherry Chartered Accountants and the Auditors Association of Southern India attended the programme in large numbers.
