FAST-DS 2026: WHAT YOU NEED TO KNOW
India’s new FAST-DS 2026 scheme gives eligible taxpayers a one-time chance to declare certain previously undisclosed foreign assets or income.
KEY DEADLINE
- Form 1 must be filed by 31 December 2026
- Scheme became operational on 16 August 2026
TWO CATEGORIES
- Category 1: Undisclosed or untaxed foreign assets/income up to ₹1 crore. Tax + additional amount = 60%
- Category 2: Certain already-taxed assets or assets acquired while non-resident, up to ₹5 crore. ₹1 lakh fee
WHAT CAN BE COVERED?
- Foreign bank accounts
- US stocks and RSUs
- Foreign property
- Jewellery and other assets
- Previously undisclosed foreign income
IMPORTANT
FAST-DS is different from Schedule FA . Schedule FA is part of your regular ITR, while FAST-DS is a one-time route to disclose eligible past omissions.
BEFORE YOU FILE
You’ll need asset details, valuation documents and supporting records. The filing process also includes e-verification, payment and further forms.
DON’T WAIT UNTIL THE DEADLINE
If you have foreign assets that were missed in earlier returns, this could be an important window to fix the disclosure.
To read full blog, click: FAST-DS 2026 scheme: implementation date, Form 1 and tax rate