Key takeaways
- FAST-DS 2026 closes on 31 December 2026; declarations are filed in Form 1 on the e-filing portal.
- Undisclosed foreign assets up to ₹1 crore: 60% in all. Already-taxed income missed in Schedule FA (up to ₹5 crore): ₹1 lakh.
- It covers people who were resident when the asset was acquired — including today's NRIs.
What FAST-DS is
- The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 — rules notified on 14 August 2026; declarations in Form 1 on the income-tax e-filing portal from 16 August 2026.
- The window closes on 31 December 2026. Assets are valued as on 31 March 2026.
- Foreign account data from CRS and FATCA exchanges has been showing up in taxpayers’ information statements since 2026 — which is why many people are hearing about it now.
Who it’s for
- People who were resident in India in the year the asset was acquired or the income arose — including those who have since become NRIs.
- Typical cases: RSUs or ESOPs from a foreign employer not reported in Schedule FA; a foreign bank account left open after studies; foreign income or assets of returning NRIs.
- Not available for proceeds of crime under the money-laundering law, or where proceedings under the Black Money Act are already complete.
The two categories
| Situation | Ceiling | Cost |
|---|---|---|
| Undisclosed foreign asset or income | Up to ₹1 crore in aggregate | 30% tax plus an equal amount — 60% in all |
| Income already taxed, but the asset was missed in Schedule FA | Up to ₹5 crore | A flat ₹1 lakh |
Compare that with the Black Money Act’s penalties and prosecution risk for undisclosed foreign assets — which is why the scheme is worth reviewing even for small holdings.
How to file
- List every foreign account, security, RSU/ESOP, insurance policy and property — with values as on 31 March 2026.
- Work out which category each item falls into, and whether it’s already been taxed.
- File Form 1 on the e-filing portal, pay, and keep the acknowledgement.
- Report the assets correctly in Schedule FA from now on.
Returning from abroad? See moving back to India: tax and the residential status calculator. Need it done? NRI and cross-border tax services.
Sources
- Income-tax e-filing portal — FAST-DS user manual
- All India Radio — CBDT's FAST-DS 2026 comes into force
- TaxGuru — FAST-DS 2026 Form 1 filing guide
Frequently asked questions
What is FAST-DS 2026?
The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 — a one-time window, open until 31 December 2026, for people who were resident in India to declare undisclosed foreign assets and income, or foreign assets left out of Schedule FA, at a fixed cost.
What is the last date for FAST-DS 2026?
31 December 2026. Declarations are filed in Form 1 on the income-tax e-filing portal, which opened on 16 August 2026.
How much do you pay under FAST-DS?
For undisclosed foreign assets or income up to ₹1 crore: 30% tax plus an equal amount, 60% in all. Where the income was already taxed but the asset was missed in Schedule FA (up to ₹5 crore): a flat ₹1 lakh.
Can NRIs use FAST-DS?
Yes, if they were resident in India in the year the foreign asset was acquired or the income arose, even if they are non-resident now.
Please note: this guide is general information based on the rules as they stood on the review date above. Regulations and RBI/CBDT procedures change often — please get advice on your specific facts before acting.