India opens FAST-DS 2026 window for small foreign asset holders

The government on 16 August opened the Foreign Assets of Small Taxpayers, Disclosure Scheme (FAST-DS) 2026, a one-time amnesty for undisclosed foreign assets and income. First announced in the Union Budget, the scheme lets eligible taxpayers declare assets such as foreign bank accounts, properties or shares without facing prosecution under the Black Money Act. The deadline is December 31, 2026.

For taxpayers with undisclosed foreign income or assets totalling up to Rs 1 crore as on March 31, 2026, the scheme requires payment of 30% tax plus an additional amount equal to the tax, making the effective payout 60% of the value, businesstoday.in reports. For foreign assets that were already taxed in India or acquired while the taxpayer was a non-resident but not reported, a flat fee of Rs 1 lakh applies if the assets are worth up to Rs 5 crore.

Declarations must be filed electronically using Form 1 on the income tax portal. The Central Board of Direct Taxes (CBDT) has issued rules and an FAQ. The scheme excludes proceeds of crime under the Prevention of Money Laundering Act and cases where the tax department has already completed an assessment under the Black Money Act.

Eligibility covers current residents of India and certain non-residents or resident but not ordinarily resident (RNOR) taxpayers if they were residents when the income arose or the asset was acquired, businesstoday.in adds. Students, NRIs, returning employees and holders of overseas ESOPs or insurance policies are specifically identified.