FAST-DS: Declare Undisclosed Foreign Assets by Dec 31

The Indian government has just launched a new opportunity for you to regularize any undisclosed foreign assets or income. The Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS) is a one-time voluntary program.

Understanding Your Foreign Asset Disclosure

This scheme is designed specifically for small taxpayers, including students, young professionals, and even non-resident Indians who have relocated. It offers a straightforward way to declare assets like foreign bank accounts, overseas property, or unquoted shares.

The Central Board of Direct Taxes (CBDT) formally notified these rules, which were first announced in the Union Budget 2026. This window is now open for you.

• The scheme became effective on Sunday.
• You have until December 31 to file your declarations.

Your Disclosure Options and Costs

The FAST-DS offers two main categories for disclosure, depending on what you need to declare. You’ll want to see which one fits your situation best.

• If you have undisclosed assets outside India as of March 31, or foreign income not exceeding Rs 1 crore, you’ll pay a tax of 30% on the declared value. An additional 30% penalty also applies here.
• For foreign assets with an aggregate value up to Rs 5 crore, you can settle your disclosure by paying a flat fee of Rs 1 lakh.

Richa Sawhney, partner, tax, Grant Thornton Bharat, noted that this scheme provides a clear, one-time process for taxpayers to regularize their financial standing within specified thresholds.

What Happens After You Declare?

Once you submit your voluntary declaration electronically, the income-tax authority will review it. They will then issue an order specifying the amount you need to pay.

• The order will arrive within one month from the end of the month in which you made your declaration.
• You must complete the payment within two months from the end of the month when you receive this order.

It’s important to know that this scheme does not cover income or assets from criminal activities, nor does it apply if proceedings under the Prevention of Money-laundering Act, 2002, are active. It also excludes income or assets for which assessment proceedings under the Black Money Act, 2015, are already concluded.

The ministry has set March 31, 2026, as the valuation date for the scheme and provided specific valuation methods for various foreign assets. Successfully meeting the scheme’s conditions grants you immunity from further tax, penalties, or prosecution under the Black Money Act, 2015.