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FAST-DS 2026 Scheme: Taxpayers Can Declare Undisclosed Foreign Assets, Know Dates, Eligibility and Filing Process
The Income Tax Department has released 'Form 1' for FAST-DS 2026, allowing small taxpayers to disclose their undisclosed foreign assets by December 31, 2026.
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“FAST-DS 2026 Scheme: Taxpayers Can Declare Undisclosed Foreign Assets, Know Dates, Eligibility and Filing Process”
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1 Sep 2026
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.
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