Key takeaways
- NRIs today can still need FAST-DS for years they were resident in India.
- Common cases: accounts or RSUs before moving, the year of the move, student accounts.
- Flat ₹1 lakh for taxed-income assets; file online from abroad by 31 December 2026.
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When an NRI needs to look at FAST-DS
| Your story | Why it matters |
|---|---|
| You opened a UK, US, Canadian or Australian account or got RSUs before you moved, while still resident in India | Each resident year needed Schedule FA |
| Your year of moving was still a resident year in India | The new foreign salary account and any foreign income belonged in that year’s return |
| You studied abroad, came back to work in India, then left again | The account from your student days may have been open during your Indian working years |
| You plan to return to India | Once resident again, everything abroad must be reported; clear the past first. See returning NRIs |
| You have been non-resident in every year you held the asset | No Schedule FA was needed. FAST-DS is not for you |
The scheme is open to people who are non-resident today, if they were resident in India in the year the foreign asset was acquired or the foreign income arose.
What it costs
- Asset bought from income already taxed in India, or while you were a non-resident, and only missing from Schedule FA: a flat ₹1 lakh (assets up to ₹5 crore).
- Foreign income that should have been taxed in India but was not: 30% tax plus an equal amount (up to ₹1 crore).
- Small holdings: since 1 October 2024 the ₹10 lakh penalty is not applied where foreign assets other than property total ₹20 lakh or less. Check before paying.
Work it out with the free FAST-DS calculator.
Filing from abroad
- Everything is online: Form 1 on the e-filing portal, payment online, Form 3 after paying.
- You need your Indian PAN login and Aadhaar OTP or a digital signature for verification.
- Foreign bank statements from the year you opened the account are the slow part: bank accounts are valued at the total deposits since opening. Ask for them now.
Got the department’s email?
Many NRIs received the “overseas financial interests” email too. It is an advisory, not a notice. See what the FAST-DS email means.
Sources
Frequently asked questions
Can an NRI file FAST-DS?
Yes, if you were resident in India in the year the foreign asset was acquired or the foreign income arose, even if you are non-resident today.
I have always been an NRI while holding my foreign accounts. Do I need FAST-DS?
No. Schedule FA applies only to residents, so assets held only in non-resident years did not need reporting in India.
Can I file FAST-DS from the UK, US, Canada or Australia?
Yes. Form 1 is filed on the e-filing portal, payment is online, and verification is by Aadhaar OTP or a digital signature.
What is the deadline for FAST-DS?
Form 1 must be filed by 31 December 2026. Payment follows once the department issues Form 2.
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.