The Income Tax Department has made 'Form 1' available on the e-filing portal for the 'Foreign Assets of Small Taxpayers Disclosure Scheme, 2026' (FAST-DS 2026). Small taxpayers have a one-time opportunity to disclose their undisclosed foreign assets between August 16, 2026, and December 31, 2026, by paying a fixed tax or fee.
To avail this scheme, taxpayers must follow these steps:
- Go to e-File
- Then go to Income Tax Forms
- Then go to File Income Tax Forms
- Then select the Under Other Acts option
- Click on FAST DS 2026 (Form 1 of FAST-DS 2026)
It is a one-time "Voluntary Disclosure Scheme" incorporated in Chapter IV (Section 130 to 144) of Finance Act, 2026. This Voluntary disclosure scheme enables qualifying taxpayers to disclose their undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets by making a flat rate of tax payment or fee payment.
The whole procedure is going to be online. The valuation date is set as 31st March, 2026. Fair market value of foreign assets to be disclosed should be calculated as of that date. All those who are residents of India, or are non-residents, or residents but not ordinarily residents (RNOR) as per Income Tax Act, 1961.
Indian Residents have the eligibility to make a declaration. Some non-residents and resident but not ordinarily residents (RNOR) taxpayers are eligible for this scheme in case they were residents in India in the year of disclosure of undisclosed income or in the year of acquisition of foreign assets.
There are two main categories: undisclosed foreign assets or foreign income on which tax has not been paid, and foreign assets on which tax has already been paid or which were acquired when the taxpayer was a non-resident but were not disclosed in the relevant schedule of the income tax return.
The Income Tax Department has made 'Form 1' available on the e-filing portal for the 'Foreign Assets of Small Taxpayers Disclosure Scheme, 2026' (FAST-DS 2026). Small taxpayers have a one-time opportunity to disclose their undisclosed foreign assets between August 16, 2026, and December 31, 2026, by paying a fixed tax or fee.
To avail this scheme, taxpayers must follow these steps:
- Go to e-File
- Then go to Income Tax Forms
- Then go to File Income Tax Forms
- Then select the Under Other Acts option
- Click on FAST DS 2026 (Form 1 of FAST-DS 2026)
It is a one-time "Voluntary Disclosure Scheme" incorporated in Chapter IV (Section 130 to 144) of Finance Act, 2026. This Voluntary disclosure scheme enables qualifying taxpayers to disclose their undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets by making a flat rate of tax payment or fee payment.
The whole procedure is going to be online. The valuation date is set as 31st March, 2026. Fair market value of foreign assets to be disclosed should be calculated as of that date. All those who are residents of India, or are non-residents, or residents but not ordinarily residents (RNOR) as per Income Tax Act, 1961.
Indian Residents have the eligibility to make a declaration. Some non-residents and resident but not ordinarily residents (RNOR) taxpayers are eligible for this scheme in case they were residents in India in the year of disclosure of undisclosed income or in the year of acquisition of foreign assets.
There are two main categories: undisclosed foreign assets or foreign income on which tax has not been paid, and foreign assets on which tax has already been paid or which were acquired when the taxpayer was a non-resident but were not disclosed in the relevant schedule of the income tax return.