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- Category 1 (undisclosed assets or income, up to ₹1 crore together): 30% tax plus an equal additional amount, 60% in all.
- Category 2 (taxed income or non-resident years, missing only from Schedule FA, up to ₹5 crore): a flat ₹1,00,000.
- Valuation is as on 31 March 2026. For bank accounts, the value is the total of all deposits since the account was opened (deposits made out of withdrawals from the same account are excluded), not the balance. Quoted shares use the higher of cost and the average of the day’s high and low price on 31 March 2026. Foreign currency converts at the RBI reference rate for that date.
- Payment is due within two months from the end of the month you receive Form 2, with up to two more months at 1% a month interest.
Full rules: FAST-DS 2026 guide.
Frequently asked questions
How is FAST-DS tax calculated?
For undisclosed foreign assets or income up to ₹1 crore in total, tax is 30% of the value plus an additional amount equal to the tax, 60% in all. Where the asset came from taxed income or was acquired while non-resident and was only missing from Schedule FA, up to ₹5 crore, a flat fee of ₹1 lakh applies.
How is a foreign bank account valued under FAST-DS?
At the sum of all deposits made into the account from the date it was opened to 31 March 2026, excluding deposits made out of withdrawals from the same account, converted at the RBI reference rate. It is not the closing balance.
What happens if I don't pay the FAST-DS amount on time?
You must pay within two months from the end of the month in which you receive Form 2. A further two months is allowed with interest at 1% a month; after that the declaration becomes void and is treated as never made.