# FAST-DS 2026 opens one-time window for foreign asset disclosure

2026-08-22T15:02:29+00:00 | Governance | Indian Opinion Desk

Corroboration: 2 independent outlets

The government's Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026 came into effect on 16 August and allows eligible taxpayers to declare undisclosed foreign assets and seek immunity from penalty and prosecution under the Black Money Act until 31 December 2026. Livemint reports the scheme has two routes. The first covers undisclosed foreign assets or income where the aggregate value does not exceed Rs 1 crore, requiring tax at 30% plus a penalty of 100% of that tax, for an effective rate of 60%. The second covers assets acquired from income already taxed or while the person was a non-resident, with a value up to Rs 5 crore and a flat fee of Rs 1 lakh. The Economic Times adds that the valuation for a foreign bank account is the sum of all deposits made from opening until the valuation date, not the balance. The scheme is not available for assets representing proceeds of crime under the Prevention of Money-Laundering Act or where assessment under the Black Money Act is already completed. Taxpayers must establish the source of funds and residential status when the asset was acquired.

## Indian Opinion Analysis

Both outlets present FAST-DS 2026 as a straightforward amnesty mechanism, with no divergence in framing. The coverage is uniform straight reporting focused on eligibility, tax rates and valuation methodology. Livemint emphasises the practical scenario of returning Indians with dormant accounts, while The Economic Times provides a granular breakdown of deposit-based valuation for bank accounts. The December 2026 deadline makes this a time-sensitive compliance window for taxpayers holding modest unreported foreign assets.

## Coverage

Coverage: 2 sources, 2 neutral
- livemint.com (neutral report) <https://www.livemint.com/money/personal-finance/fastds-2026-forgot-to-report-a-dormant-foreign-bank-account-here-s-how-the-new-disclosure-window-works-11787401036208.html>
  Straight explanation of scheme rules and eligibility, with practical guidance for returning Indians.
- economictimes.indiatimes.com (neutral report) <https://economictimes.indiatimes.com/wealth/tax/have-undisclosed-foreign-assets-or-income-know-the-extra-tax-cost-if-you-miss-fast-scheme-2026s-december-31-deadline/articleshow/133504012.cms>
  Detailed technical breakdown of scheme provisions, valuation rules and exclusions, no editorialising.

This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources. Last updated 2026-08-25T12:10:52+00:00.

Tags: Black Money Act, FAST-DS, income tax department
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