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FAST-DS Opens One-Time Window for Undisclosed Foreign Assets
FAST-DS is a one-time opportunity for some small taxpayers to report foreign assets they left out of their tax returns.
The window is open from August 16 until December 31, 2026.
One group includes foreign assets or income that was never offered for tax.
For this group, the taxpayer pays 30% tax plus an additional amount equal to that tax.
This means a ₹1 crore asset can lead to a total payment of ₹60 lakh.
The total value in this group cannot exceed ₹1 crore.
Another group includes foreign assets that were already taxed or were bought while the taxpayer was not an Indian resident.
If those assets were merely omitted from the relevant tax-return schedule, the taxpayer may pay a flat ₹1 lakh fee.
The second group has a higher asset limit of ₹5 crore, subject to the scheme’s conditions.
The FAST-DS scheme allows eligible small taxpayers to disclose certain previously unreported foreign assets or income.
Declarations can be filed from August 16 through December 31, 2026.
Undisclosed foreign assets or income not previously offered to tax face a 30% tax plus an equal additional amount.
For this first category, the aggregate value must not exceed ₹1 crore, resulting in a potential 60% total outgo.
Foreign assets already taxed or acquired while non-resident but omitted from the ITR schedule can be regularised for a ₹1 lakh fee, subject to a ₹5 crore limit.
- Who
- Eligible small taxpayers, including students, young professionals, and relocated non-Indian residents, who failed to report certain foreign assets or income.
- What
- The Foreign Assets of Small Taxpayers-Disclosure Scheme provides a one-time window to disclose specified foreign assets or income and pay the applicable tax or fee.
- Where
- The scheme concerns assets and income located outside India, with declarations made under India’s income-tax system.
- When
- The disclosure window runs from August 16 through December 31, 2026.
- Why
- It is intended to let eligible taxpayers regularise foreign assets or income that was not reported or was omitted from the relevant income-tax-return schedule.
Key facts
- Scheme
- Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS)
- Disclosure period
- August 16 to December 31, 2026
- Category 1 limit
- Aggregate undisclosed foreign assets or income not exceeding ₹1 crore
- Category 1 levy
- 30% tax plus an additional amount equal to 100% of that tax
- Category 1 example
- A ₹1 crore undisclosed asset can result in a total payment of ₹60 lakh
- Category 2 limit
- Aggregate foreign assets not exceeding ₹5 crore
- Category 2 fee
- Flat ₹1 lakh, where the assets were already taxed or acquired while non-resident but omitted from the ITR schedule
Sources
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