/ FAST-DS · Updated 2026-10-30
Got an Income Tax Email About Foreign Assets (FAST-DS)? What It Means and What to Do, an advisory, not a notice, but do not ignore it.
The Income Tax Department is emailing taxpayers whose AIS shows foreign bank accounts, shares, custodial accounts or property, based on data received from other countries under CRS and FATCA. The email says the Department's records indicate you may have overseas financial interests and points you to FAST-DS 2026, the one-time disclosure scheme that closes on 31 December 2026. It is an advisory, not a legal notice, but the Department now has a record that you were told.
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
/ First, check the facts
Before you do anything else.
- Log in to the e-filing portal yourself (type the address; do not use links in the email).
- Open your AIS and the Foreign Assets Information section.
- For each year, compare the entries with Schedule FA (foreign assets) and Schedule FSI (foreign income) in the returns you filed.
- Check your residential status for each year: Schedule FA is required only in years you were resident and ordinarily resident.
/ Then pick the right route
Depending on what you find.
| What you find | What to do |
|---|---|
| Everything was reported correctly | No action; keep your working papers |
| You hold nothing abroad, or the AIS entry is wrong | Give feedback on the AIS entry; do not file anything just to be safe |
| Asset bought while non-resident or from taxed income, but missing from Schedule FA | FAST-DS Category 2: flat INR 1 lakh fee (assets up to INR 5 crore) |
| Foreign income or assets never taxed in India | FAST-DS Category 1: 60% of the value (up to INR 1 crore in aggregate) |
| Error only in the AY 2026-27 return | A revised return before 31 December 2026 may be simpler |
Foreign assets (other than immovable property) with an aggregate value up to INR 20 lakh fall below the Black Money Act penalty threshold for non-reporting; check your exposure before paying anything.
/ How FAST-DS filing works
Four forms.
- Form 1: your declaration, filed on the e-filing portal by 31 December 2026. One form can cover several assets.
- Form 2: the Department's order stating the amount payable.
- Form 3: your payment details.
- Form 4: the certificate confirming the declaration.
- Payment is due within two months from the end of the month in which you receive Form 2; a further two months is allowed with 1% simple interest a month. After that, the declaration is void.
- The 31 December date is for declaring, not paying. Assets are valued as on 31 March 2026.
/ Watch for phishing
Stay safe.
- The genuine email's links pass through an email-tracking domain before reaching the Income Tax site, so you cannot judge it by the link alone.
- Never upload documents or enter your password through an emailed link; go to the portal directly.
Sources: TaxGuru: received a FAST-DS email?; Income Tax India on X: FAST-DS 2026.
Last updated: 30 October 2026. Payment timing as per published practitioner readings of the Department's FAQ; confirm in the FAST-DS Rules (Notification 114/2026).
/ Ready when you are
Received the foreign assets email?
Email durgesh@bharatquantumprospera.com or WhatsApp +91 78018 87130. Fixed-scope quote within 48 hours.
FAQ
Common questions, answered.
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