FAST-DS 2026: If you hold an account in a foreign bank or possess assets such as properties or shares abroad and have failed to include them in your income tax returns, the Income Tax Department’s ‘FAST-DS 2026’ scheme could be highly beneficial for you. The Government of India has introduced this special scheme to allow taxpayers—particularly smaller ones—to disclose foreign assets or previously unreported income.
Under this government scheme, eligible taxpayers can declare their foreign assets or income by paying the prescribed tax or fees. By filing a correct tax return, taxpayers may secure an exemption from the provisions of the government’s ‘Black Money’ (Undisclosed Foreign Income and Assets and Imposition of Tax) Act. Certain conditions apply to this exemption.
What is the FAST-DS 2026 scheme?
The FAST-DS 2026 scheme is administered by the Income Tax Department. It is a one-time voluntary disclosure scheme introduced under the Finance Act of 2026. Through this initiative, eligible taxpayers can declare two types of information: foreign assets on which tax has not been paid or assets that were not disclosed at the time of filing tax returns. Since such assets were acquired using legitimate earnings, the Income Tax Department is providing this opportunity for formal disclosure.
Who is eligible to apply?
Not everyone can avail of this scheme; taxpayers must meet specific criteria. The category includes individuals who were residents of India during the relevant year. It also covers individuals who may no longer be residents of India but were residing there during the year in which the foreign income was earned or the foreign asset was acquired.
FAST-DS 2026: 4 Forms. 4 Simple Steps.
✅ Form 1 – Declaration of your foreign assets/income.
✅ Form 2 – Determination of the amount payable.
✅ Form 3 – Intimation of payment by taxpayer.
✅ Form 4 – Receive the final order with immunity.Simple. Faceless. Hassle-free.
Eligible taxpayers, act now!
File your declaration before 31 December 2026.https://t.co/fEQg3SDHYj
“>November 2, 2026
What amount needs to be paid under the scheme?
Under the FAST-DS 2026 scheme, categories have been defined based on the nature of the foreign assets and income. The amount to be paid varies depending on the specific category. Category 1 covers undisclosed foreign assets, and the tax liability (on the undisclosed amount) must be ₹1 crore. Category 2 includes foreign assets acquired through legitimate income that were not previously disclosed in an Income Tax Return (ITR). The value of such assets must be up to ₹5 crore, and a one-time fee of ₹1 lakh is also payable.
How to apply under the FAST-DS 2026 scheme?
The application process for this government scheme is conducted online. Applicants must fill out ‘Form 1’ on the Income Tax Department’s e-filing portal. Form 1 is used for the declaration of assets or income. Form 2 contains the order regarding the amount payable, while Form 3 is for providing payment details. Form 4 contains the final order.
Know the application deadline.
There is a fixed timeframe for making a declaration under the FAST-DS 2026 scheme. The deadline for submitting Form 1 is December 31, 2026. If you fail to disclose your asset information to the Income Tax Department by this date, you may face legal action.
Where to fill out the FAST-DS 2026 form?
To fill out the form for the FAST-DS 2026 scheme, you must visit the website of the Income Tax Department.
Log in to the Income Tax e-filing portal and navigate to the ‘e-File’ section.
Click on ‘Income Tax Forms’.
Select the option ‘File Income Tax Forms’.
Choose ‘Form 1’ under the FAST-DS 2026 scheme.
Enter the required information in the form.
Submit the application form to the Income Tax Department.