Foreign Assets of Small Tax Payers Disclosure Scheme, 2026 (FAST-DS 2026)

This edition of the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026), effective from 16-8-2026, incorporates the Foreign Assets of Small Taxpayers - Disclosure Scheme Rules, 2026, dated 14-08-2026. It serves as a practical reference for taxpayers, chartered accountants, tax consultants, advocates, and other professionals dealing with the disclosure and taxation of foreign assets.

With the latest Scheme and Rules applicable from August 2026, this edition provides a focused statutory reference for understanding the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 and meeting the associated disclosure and compliance requirements.

The content covers the key aspects of the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, along with the corresponding Rules, including:

• Foreign asset disclosure requirements applicable to eligible small taxpayers
• Scope and applicability of the FAST-DS 2026 framework
• Conditions and eligibility requirements under the disclosure scheme
• Prescribed procedures and documentation for making disclosures
• Relevant declarations, particulars, and compliance requirements
• Treatment and reporting of foreign assets covered by the scheme
• Provisions relating to the Foreign Assets of Small Taxpayers - Disclosure Scheme Rules, 2026
• Effective dates, procedural requirements, and statutory timelines
• Compliance considerations for taxpayers with undisclosed or unreported foreign assets
• Practical reference material for understanding and implementing the new disclosure mechanism

This 2026 edition is particularly suitable for small taxpayers seeking to disclose and regularise foreign assets, chartered accountants and tax consultants advising on foreign asset disclosures, advocates and legal professionals handling taxation and compliance matters, tax practitioners, finance and compliance professionals, and students and academicians studying Indian tax law.

1. Introduction
2. Reporting requirement to disclose details of foreign assets held in the Foreign Assets (FA) schedule forming part of the ITR form [Section 263(1)(a)(ix) of the Income Tax Act, 2025]
3. The Foreign Assets of Small Taxpayers- Disclosure Scheme, 2026
4. The Foreign Assets of Small Taxpayers- Disclosure Scheme Rules, 2026
5. Eligibility Conditions [Section 132 of FAST-DS 2026]
6. Amount Payable by Declarant [Section 133 of FAST-DS 2026]
7. Manner of Making Declaration [Section 134 of FAST-DS 2026]
8. Procedure relating to manner of payment [Section 135 of FAST-DS 2026]
9. Any income or asset declared not to be included in Total Income [Section 136 of FAST-DS 2026]
10. Any income or asset declared not to affect finality of completed assessments [Section 137 of FAST-DS 2026]
11. Amount paid in pursuance of declaration non-refundable [Section 138 of FAST-DS 2026]
12. Grant of Immunity from Penalty and Prosecution [Section 139 of FAST-DS 2026]
13. Non-application of Scheme [Section 140 of FAST-DS 2026]
14. Effect of declaration on pending assessment proceedings [Section 141 of FAST-DS 2026]
15. Consequences of Missing the FAST-DS 2026 Disclosure Window
16. Penalties leviable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
17. Offences attracting prosecution under the Black Money Act, 2015 [Chapter V - Sections 49 to 58 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015]
18. Fair Market Value (FMV) of a foreign asset [Rule 3 of The Foreign Assets of Small Taxpayers- Disclosure Scheme Rules, 2026]
19. Frequently Asked Questions on Foreign Assets of Small Taxpayers Disclosure Scheme and Rules, 2026 (FAST-DS 2026)
20. CBDT’s 50 FAQs on Foreign Assets of Small Taxpayers - Disclosure Scheme, 2026 dated 13.08.2026
21. Illustrations
22. Important Case Laws on Black Money Act, 2015
23. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
24. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015