4 days ago
FAST-DS 2026 Sets Rules for Disclosing Overseas Crypto
FAST-DS 2026 is a one-time chance for some taxpayers to report overseas assets they did not previously disclose.
This can include cryptocurrency held with a foreign exchange or in certain overseas arrangements.
Coins, tokens, stablecoins and NFTs are treated under the same broad category.
Crypto bought with income that was never reported may face tax and an equal additional amount, totaling 60%.
Crypto bought with income that was already taxed may instead qualify for a flat fee if only the foreign-asset reporting was missed.
Gains from trading, staking rewards and airdrops must be reported separately as income.
Crypto held with an Indian exchange or Indian-regulated wallet provider generally does not qualify as a foreign asset under the scheme.
Taxpayers must value holdings on 31 March 2026 and file Form 1 online.
The final filing deadline is 31 December 2026.
FAST-DS 2026 allows eligible taxpayers to disclose certain undisclosed foreign assets and income, including overseas crypto.
All crypto types, including coins, tokens, stablecoins and NFTs, are covered under “Any other asset.”
Crypto gains, staking rewards and airdrops must be reported separately as undisclosed foreign income.
The scheme generally covers crypto held with foreign exchanges, but not holdings with Indian exchanges or Indian-regulated wallet providers.
Declarations must be filed by 31 December 2026, with payment based on whether the crypto came from untaxed or already-taxed income.
- Who
- Eligible taxpayers who were resident in India in the relevant year; current non-residents or RNORs may also qualify if they were resident when the asset was acquired or income earned.
- What
- The Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 allows qualifying taxpayers to disclose certain unreported overseas crypto, foreign assets and foreign income.
- Where
- The scheme concerns assets and income located outside India, including crypto held with foreign exchanges; Indian-exchange holdings generally fall outside it.
- When
- The scheme came into force on 16 August 2026; holdings are valued as of 31 March 2026, and declarations must be filed by 31 December 2026.
- Why
- It provides a one-time route to disclose eligible foreign assets or income that were omitted from tax returns or escaped assessment.
Key facts
- Scheme name
- Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS)
- Effective date
- 16 August 2026
- Eligible crypto types
- Coins, tokens, stablecoins and NFTs
- Untaxed or unexplained source
- Aggregate assets and income up to ₹1 crore; 30% tax plus an equal amount, effectively 60%
- Already-taxed source
- Aggregate assets up to ₹5 crore; flat fee of ₹1 lakh
- Valuation date
- 31 March 2026
- Filing deadline
- 31 December 2026
Sources
Related news
India Opens One-Time Disclosure Window for Overseas Wealth
FAST-DS Opens One-Time Window for Undisclosed Foreign Assets
Foreign assets amnesty scheme opens with new disclosure forms
FAST-DS 2026 Opens Disclosure Window for Forgotten Foreign Accounts
OneTag Lets Indian Drivers Switch Banks Without Replacing FASTag
Modi Wishes Indian Athletes Success at Aichi-Nagoya Asian Games
Nanobody Antivenom Shows Promise Against Indian Cobra Venoms
Modi Wishes Indian Athletes Well as Asian Games Open
Patna-Born Cricketer Abhishek Anand Set for India-Japan Clash
