People who own property, shares or bank accounts overseas but have not reported these assets in their Income Tax Returns may get an opportunity to correct their records through the FAST-DS 2026 scheme. Introduced by the Government of India, this special initiative aims to help eligible taxpayers, particularly those with smaller foreign holdings, voluntarily disclose previously unreported foreign assets or income.
Under the scheme, eligible individuals can make the required declaration by paying the applicable tax or fee. After completing the prescribed process and filing the necessary details, they may qualify for relief from certain provisions of the Black Money (Undisclosed Foreign Income and Assets and Imposition of Tax) Act, subject to the scheme’s conditions.
What Is the FAST-DS 2026 Scheme?
FAST-DS 2026 is a one-time voluntary disclosure initiative administered by the Income Tax Department under the Finance Act, 2026. It provides eligible taxpayers with an opportunity to report specific categories of foreign assets and income that were not previously disclosed.
The scheme covers foreign assets on which the applicable tax has not been paid, as well as assets that were left out of earlier Income Tax Returns. It is intended to provide a formal route for eligible individuals to bring such holdings into their tax records.
Who Can Apply for FAST-DS 2026?
The scheme is not open to every taxpayer. Eligibility depends on the individual’s residential status during the relevant period.
Indian residents during the relevant financial year may apply if they meet the prescribed conditions. Individuals who are currently non-residents may also qualify if they were residents of India in the year when the foreign income was earned or the overseas asset was acquired.
Applicants should check the eligibility requirements before submitting their declarations.
Tax and Fees Applicable Under the Scheme
The amount payable under FAST-DS 2026 depends on the category in which the declared foreign asset or income falls. The scheme specifies two categories:
Category 1: Undisclosed foreign assets
This category covers foreign assets that have not been disclosed. The applicable tax liability on the undisclosed amount is stated as ₹1 crore.
Category 2: Assets acquired through legitimate income
This category applies to foreign assets purchased using legitimate income but not reported in an Income Tax Return. The value of the eligible assets must not exceed ₹5 crore. Applicants in this category are required to pay a one-time fee of ₹1 lakh.
How to Apply Online for FAST-DS 2026
The declaration process is available through the Income Tax Department’s e-filing portal. Applicants need to submit Form 1 with details of their foreign assets or income.
The scheme uses four forms for different stages of the process:
- Form 1: Declaration of foreign assets or income.
- Form 2: Order specifying the amount payable.
- Form 3: Submission of payment details.
- Form 4: Final order.
Applicants must provide the required information and complete the payment process according to the instructions issued by the department.
FAST-DS 2026 Last Date and Form Submission Process
The deadline for submitting Form 1 under the FAST-DS 2026 scheme is December 31, 2026. Eligible taxpayers should complete their declarations within the specified period. Failure to disclose the required information by the deadline may result in legal consequences.
To submit Form 1, follow these steps:
- Visit the Income Tax Department’s official e-filing portal.
- Log in using your credentials.
- Open the e-File section.
- Select Income Tax Forms.
- Click on File Income Tax Forms.
- Find and select Form 1 under the FAST-DS 2026 scheme.
- Enter the required details about your foreign assets or income.
- Review the information and submit the form.
Applicants should ensure that the declaration is accurate and that all applicable requirements are fulfilled before submission.