FAST-DS 2026: If you hold a foreign account, are a shareholder, or possess other foreign assets that you failed to disclose in your income tax return, the government’s FAST-DS 2026 scheme may be of assistance. This scheme offers eligible taxpayers an opportunity to disclose certain foreign assets or income.

The scheme is specifically designed for individuals who have intentionally concealed such assets—including cases where the assets were acquired using earned income—and who have disclosed the details (or exemptions) only in ‘Schedule FA’ of their income tax return. However, availing the benefits of this scheme is contingent upon meeting specific conditions.

What is FAST-DS 2026?
FAST-DS 2026 has been introduced in accordance with the Finance Act 2026. Its primary objective is to provide eligible taxpayers with an opportunity to disclose foreign assets or income that were not previously reported in their tax returns. By making a valid declaration and completing the required payments under this scheme, taxpayers may obtain immunity from further taxation, penalties, and prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This exemption is subject to the terms and conditions of the scheme.

What is the deadline for application?
The scheme commenced on August 16, 2026. The deadline for submitting ‘Form 1’ is December 31, 2026. The reference date for determining the value of the assets is March 31, 2026. Eligible taxpayers are required to submit their declarations using Form 1.

“>November 11, 2026

What is the rule regarding the ₹1 lakh fee?
It should be noted that the payment structure under this government scheme is not uniform for all cases. The scheme categorises cases based on how the foreign assets were acquired and the reasons for their non-disclosure. In the first category, for foreign income or property valued at up to ₹1 crore, a tax of 30% is applied, along with an additional payment of an equal amount, resulting in a total effective payment of 60%.

The second category covers properties acquired abroad or assets for which taxes have already been paid in India; this category includes properties with a total value of up to ₹5 crore, provided they have been disclosed in accordance with income tax exemptions. There is no requirement to pay a lump-sum fee of ₹1 lakh. The FADS 2026 (Foreign Assets Disclosure Scheme 2026) consists of four forms—Form 1, Form 2, Form 3, and Form 4—each with its own specific timelines.

How to file Form 1 online?
To declare foreign property or income, you must submit an application online via the Income Tax Department’s e-filing portal.
First, visit the official website of the Income Tax Department.
Log in to the portal using your PAN and password.
Once you log in, navigate to the ‘e-File’ section. From there, select the option for ‘Income Tax Forms’ and then ‘File Income Tax Forms’.
Next, go to the section for ‘Forms under other Acts’, select ‘Form 1 of FADS 2026’, and click on ‘File Now’.
Enter the details regarding your foreign property or income into the form. After verifying the information, submit the form.