- Assets acquired while non-resident and missed in Schedule FA: flat ₹1 lakh (up to ₹5 crore).
- Unreported income after becoming resident: 60% category.
- Check RNOR years; declare by 31 December 2026.
The ₹1 lakh route for non-resident years
Category 2 of FAST-DS covers a foreign asset that was acquired when you were a non-resident, or from income already taxed in India, but which was not shown in Schedule FA. The cost is a flat ₹1 lakh as long as your foreign assets total up to ₹5 crore as on 31 March 2026. For most returning NRIs, savings built up while working abroad fall here.
Where it gets more expensive
- Income earned after you became resident and not reported, such as interest, dividends, rent or gains on those foreign assets: that is undisclosed foreign income, at 60% under Category 1.
- Foreign assets worth more than ₹5 crore: not eligible for FAST-DS.
RNOR years
In the first years after return you may be “resident but not ordinarily resident” (RNOR), when foreign income is generally not taxed in India. Check your status year by year with the residential status calculator, because it decides which income was actually taxable and which reporting applied.
Typical holdings
- US 401(k), IRA or UK pension: report in Schedule FA; growth and withdrawals have their own tax rules.
- Bank and brokerage accounts: for banks, FAST-DS uses the sum of deposits, not the balance; see foreign bank accounts.
- A home abroad: needs a valuation report from a recognised valuer in that country.
Planning the move back? See returning to India from the US.
Sources
Frequently asked questions
Can returning NRIs use FAST-DS?
What if I earned income on my foreign assets after returning to India?
Do RNOR years matter for FAST-DS?
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.