CBDT Notifies FAST-DS: Foreign Assets of Small Taxpayers Disclosure Scheme, 2026
The Central Board of Direct Taxes (CBDT) notified the Foreign Assets of Small Taxpayers – Disclosure Scheme (FAST-DS), 2026 under Chapter IV of the Finance Act, 2026, opening a voluntary online disclosure window from 16 August to 31 December 2026 for small taxpayers — including former study-abroad students, young professionals, ESOP-holding multinational employees, and returned non-residents — to declare previously unreported foreign assets or income via Form 1. Category 1 (undisclosed assets/income up to ₹1 crore) attracts a 30% tax plus 30% penalty (60% effective levy); Category 2 (assets up to ₹5 crore, acquired from taxed income or during non-resident status) can be regularised with a flat fee of ₹1 lakh. Valid declarants get immunity from further tax demand, penalty and prosecution under the Black Money Act, 2015; fair market value is assessed as of 31 March 2026.
CBDT is the apex direct-tax body under the Dept. of Revenue, Ministry of Finance | Black Money Act, 2015 covers undisclosed foreign income/assets | Scheme notified under Finance Act, 2026
CBDT's FAST-DS 2026 (16 Aug-31 Dec 2026) lets small taxpayers disclose foreign assets: Category 1 (le Rs 1cr) pays 60% (30% tax+30% penalty); Category 2 (le Rs 5cr) pays a flat Rs 1 lakh fee, with immunity under the Black Money Act, 2015.