/ News · FAST-DS 2026 · Updated 2026-10-27
FAST-DS 2026: Declare Undisclosed Foreign Assets by 31 December 2026, the one-time window for small taxpayers.
FAST-DS 2026 (Foreign Assets of Small Taxpayers Disclosure Scheme) lets eligible taxpayers declare foreign income or assets they left out of their Indian returns and get immunity under the Black Money Act. Declarations opened on 16 August 2026 and close on 31 December 2026. It is aimed at returning students, young professionals, technology employees and former NRIs who still hold overseas accounts, shares, ESOPs or property.
Written by CA Durgesh Chavda
Chartered Accountant (ICAI) · Founder, Bharat Quantum Prospera · NRI taxation, US incorporation, transaction due diligence, forensic audit, AEO, cross-border tax · LinkedIn
/ The two categories
Which one applies to you.
| Category 1 | Category 2 | |
|---|---|---|
| What it covers | Foreign income or assets never offered to tax in India | Assets already taxed, or acquired while you were a non-resident, but not shown in the return's foreign-asset schedule |
| Value limit | Up to INR 1 crore in aggregate | Up to INR 5 crore |
| Cost | 30% tax plus an equal additional amount: 60% of the value | Flat fee of INR 1 lakh |
Foreign assets are valued at fair market value as on 31 March 2026. CBDT's own illustration: an undisclosed foreign account of INR 60 lakh plus INR 20 lakh of related income gives INR 80 lakh; at 60% the amount payable is INR 48 lakh.
/ What you get
Immunity and finality.
- Protection from further tax, penalty and prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, for the asset or income declared.
- The declared amount is not added again to your total income under the Income-tax Act or the Black Money Act.
- Black Money Act penalties outside the scheme can be far higher, and prosecution is possible, so the scheme is materially cheaper for most eligible people.
/ Who should look at this now
Common cases.
- You returned to India and are now resident, but your US 401(k), UK ISA, foreign bank account or RSUs are not in Schedule FA.
- You studied or worked abroad and kept a foreign account open after moving back.
- You hold ESOPs or RSUs of a foreign employer that vested while you were resident in India.
- You were resident in a year but filed as a non-resident, so foreign assets were never reported.
- You inherited or received a gift of foreign assets and did not report them.
/ How BQP handles it
Fixed scope, confidential.
- Review your residential status for each year and identify which assets and income fall in Category 1 or Category 2.
- Value each asset at fair market value as on 31 March 2026 with supporting statements.
- Prepare and file the declaration, and compute the amount payable and its due dates.
- Fix Schedule FA in future returns so the problem does not recur.
Sources: Outlook Money; The Accountant.
Last updated: 27 October 2026. Rates and limits are as reported by these sources. Confirm against the official notification on incometax.gov.in before acting.
/ Ready when you are
Foreign assets not in your Indian return?
FAST-DS closes on 31 December 2026. Email durgesh@bharatquantumprospera.com or WhatsApp +91 78018 87130. Fixed-scope quote within 48 hours; work delivered remotely.
FAQ
Common questions, answered.
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