return to news
  1. Upstox
    /
  2. News
    /
  3. Personal Finance News
    /
  4. Tax
    /
  5. Undisclosed foreign assets or income? 5 things to know about the FAST-DS scheme

Personal Finance News

Undisclosed foreign assets or income? 5 things to know about the FAST-DS scheme

Upstox
By Upstox News Desk

3 min read | Updated on October 27, 2026, 09:11 IST

Google
SelectUpstoxas yourPreferred news source
Copy link
Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

The FAST-DS scheme allows eligible taxpayers to disclose undisclosed foreign assets and income. Check the December 31 deadline, 60% effective tax and key details.

5 things to know about the FAST-DS scheme

Launched on August 16, the scheme offers a one-time opportunity to disclose eligible undisclosed foreign assets and income. | Representational image/AI generated.

The Income Tax Department has received around 1,100 applications under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS), since its launch in August, according to Finance Ministry sources.
Open FREE Demat Account within minutes!
Join now

Launched on August 16, the scheme offers a one-time opportunity to disclose eligible undisclosed foreign assets and income. It will remain open until December 31, 2026, and requires taxpayers to pay an effective 60% tax on the value of the declared assets or income.

FAST-DS: 5 things taxpayers should know

1. Who is the scheme meant for?

The scheme is aimed at small taxpayers, including students, young professionals, technology employees and relocated non-resident Indians who may have failed to disclose eligible foreign assets or income.

2. What is the last date to apply?

The scheme was launched on August 16, 2026, and will close on December 31, 2026. It provides a one-time opportunity for eligible taxpayers to disclose unreported foreign assets and income.

3. How much tax will taxpayers have to pay?

Under the scheme, taxpayers must pay tax at 30% of the value of the declared undisclosed foreign asset or income, along with an additional amount equal to the tax. This takes the effective levy to 60%.

The fair market value of the assets will be determined as of March 31, 2026.

4. Can taxpayers check foreign asset information linked to their PAN?

The Income Tax Department has created a facility on its e-filing portal that allows taxpayers to access information about assets reported against their PAN by foreign jurisdictions under the Automatic Exchange of Information framework, commonly known as CRS/FATCA.

According to Finance Ministry sources, taxpayers can log in to the portal and download the available information for the years 2022 to 2024.

5. Is the Income Tax Department contacting taxpayers?

Finance Ministry sources said the department has recently reached out to selected taxpayers who have invested in residential or commercial properties in the UAE.

At a high-level meeting held on October 23, 2026, it was also decided that information or intelligence collected by the Income Tax Department may be shared with relevant taxpayers, wherever possible, to help them take advantage of the scheme.

The Central Board of Direct Taxes (CBDT) has set up a committee in each region under the Principal Chief Commissioner to address taxpayers' queries and concerns. The department has also planned awareness programmes for taxpayers, corporates, educational institutions, professional bodies and industry associations.
-With PTI inputs
For all personal finance updates, visit here

_Disclaimer: This article is written purely for informational purposes and should not be considered investment advice from Upstox. Securities mentioned are illustrative and not recommendations. Investors should do their own research or consult a registered financial advisor before making investment decisions. _

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

Next Story