FAST-DS 2026: Foreign Asset Disclosure Scheme & Income Tax Foreign Asset Message Help

What is FAST-DS 2026?

The Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS 2026) is a one-time window introduced by the Finance Act 2026, with rules notified in Gazette Notification No. 114/2026 dated 14 August 2026. It lets eligible taxpayers declare foreign assets and foreign income that were not reported in their Indian income tax returns, and get immunity under the Black Money Act, 2015 for what they declare.

• Window opened: 16 August 2026
• Last date to file Form 1: 31 December 2026
• Valuation date: 31 March 2026
• Filing: electronically on the income tax e-filing portal

Two routes and what you pay

Route	Who it’s for	Amount payable
Undisclosed foreign assets / income Aggregate up to ₹1 crore	Foreign income or assets never offered to tax in India	60% of value (30% tax + penalty equal to the tax)
Specified foreign assets Aggregate up to ₹5 crore	An asset outside India that was already offered to tax, or was acquired while you were a non-resident, but was not declared in the return’s Schedule	Flat fee of ₹1 lakh

After Form 1 is filed, the Department issues Form 2 with the amount due. Payment is due within two months; it can be extended by two more months with 1% interest per month. Forms 3 (payment intimation) and 4 (certificate) complete the process.

Are NRIs covered?

Not automatically. Per the Income Tax Department’s official FAQ, a non-resident can declare only if they were resident in India either in the year the undisclosed income relates to, or in the year the undisclosed asset was acquired. That is why this scheme matters most to:

• NRIs who have returned to India and still hold foreign accounts, 401(k)/pension, shares or property
• RNORs and residents with ESOPs/RSUs from a foreign employer
• Residents who studied or worked abroad and left a foreign bank account open
• Anyone who filed Indian returns but missed Schedule FA

If you have always been a non-resident, you usually have no Schedule FA obligation at all — message us and we’ll confirm in writing before you pay anything.

Received an Income Tax “foreign assets” message?

Many taxpayers are receiving messages saying the Department’s records indicate they may have overseas financial interests. In most cases these are compliance nudges, not tax demands. Don’t ignore them — but don’t panic-pay either. If you have received a formal notice instead, the reply has to be handled under that specific section and deadline.

What we do:

1. Check your AIS and past ITRs against your actual foreign holdings
2. Determine your residential status for each year (resident / RNOR / NRI)
3. Advise in writing whether you need FAST-DS, a revised/updated return, or nothing at all
4. Compute the value and amount payable, file Form 1, and track Forms 2–4
5. Draft and file replies to any foreign-asset related notice

Fees

Quoted per case, depending on the number of assets, years and countries involved. Share a short summary on WhatsApp or email (hello@nritaxca.com) and you’ll receive a fixed written quote before any work starts.

Sources: Finance Act 2026 (Chapter IV); Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026 (Notification No. 114/2026 dated 14 Aug 2026); Income Tax Department FAST-DS FAQs. This page is general information, not advice for your specific case. Last reviewed 28 September 2026.