Please find attached our Newsflash on ‘New Scheme for Small Taxpayers to Declare Foreign Assets / Income by December 2026’.
The Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026 may be relevant for taxpayers with historical or inadvertent non-disclosures of foreign income or assets, including foreign ESOPs / RSUs, Foreign bank accounts and other overseas assets. In this regard, the Central Government has notified the FAST-DS Rules, 2026 dated 14 August 2026 and released FAQs prescribing the valuation methodology, forms, procedures and other clarifications for implementation of the Scheme. The declaration window is available from 16 August 2026 to 31 December 2026.
Our attached Newsflash summarises certain key aspects of FAST-DS 2026, including:
• Eligibility and circumstances in which a declaration may be made
• Cases where the Scheme is not available
• Categories of declaration, applicable aggregate monetary thresholds and amount payable
• Filing and payment procedure and prescribed forms
• Consequences and immunity available upon a valid declaration
• The Scheme provides for 2 categories of declarations, subject to aggregate monetary thresholds of Rs. 1 crore and Rs. 5 crores, as applicable
Considering the time-bound nature of the Scheme, current or former residents of India, including returning Indians, NRIs / RNORs, taxpayers holding foreign bank accounts, investments or other overseas assets, may consider reviewing their past tax filings and foreign asset disclosures to assess the applicability of FAST-DS 2026.
Click here to download-RSM India Newsflash - New Scheme for Small Taxpayers to Declare Foreign Assets / Income by December 2026
