Nudging taxpayers under its ongoing assets disclosure scheme, Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS), the Income Tax Department has recently reached out to select taxpayers who have invested in residential and commercial properties in the UAE, sources in the Ministry of Finance said.

Information received by tax authorities through the Automatic Exchange of Information (AEOI) with other countries has been displayed on the e-filing portal of the tax department for assets reported on their PANs by the foreign jurisdictions to nudge them to disclose the undeclared overseas assets, the sources said.

Around 1,100 taxpayers have filed applications so far under the scheme which was launched on August 16. The disclosures can be made till December 31.…