FAST-DS 2026: Declare Foreign Assets, Pay 60% Cost

If you’re looking to declare undisclosed foreign assets or income, the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026, offers a one-time chance. However, be aware that disclosing up to ₹1 crore could cost you a significant 60% of the declared value under one scheme category.

Understanding the 60% Disclosure Cost

This 60% payment isn’t just one flat fee; it breaks down into two parts based on the undisclosed amount.

• You pay a 30% tax on the undisclosed foreign asset or income value.
• An additional amount, equal to 100% of that 30% tax, is also payable.

Let’s say you declare an undisclosed foreign asset worth ₹1 crore. The basic tax would be ₹30 lakh (30% of ₹1 crore).

• An additional ₹30 lakh would be due.
• This brings your total cost for the ₹1 crore declaration to ₹60 lakh.

Similarly, for ₹20 lakh of undisclosed foreign income, your total payable amount would be ₹12 lakh.

Key Dates for the FAST-DS Scheme

The FAST-DS scheme isn’t open indefinitely, so mark these dates on your calendar if you’re considering a declaration.

• The scheme starts on August 16, 2026.
• You have until December 31, 2026, to file your declarations.
• The valuation date for your foreign assets under this scheme is March 31, 2026.

Who Can Use This Disclosure Scheme?

The scheme is designed for specific individuals and situations where foreign assets or income haven’t been properly reported.

• Eligible residents for the relevant previous year can participate.
• Certain non-residents and Residents Not Ordinarily Resident (RNORs) may also qualify.
• This applies if they were Indian residents during the year the undisclosed income was earned or the asset was acquired.

You can make a declaration in several scenarios where your foreign financial information wasn’t accurately reported.

• If a tax return was not filed.
• If foreign assets or income were not disclosed in a filed return.
• If the income or asset has otherwise escaped assessment.

A Second Option: ₹5 Crore Threshold

Beyond the primary category for undisclosed assets, there’s an alternative option for certain foreign assets that were already taxed or acquired while you were a non-resident but not reported.

• This category has a higher threshold of ₹5 crore.
• It involves a flat fee of just ₹1 lakh.

This second category comes with its own specific conditions under the scheme, and distinct methods are outlined for determining the fair market value of various types of foreign assets.