CBDT has notified the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026.
Effective: 16 Aug 2026
Valuation Date: 31 Mar 2026
Last Date: 31 Dec 2026
Key thresholds:
Undisclosed foreign assets + foreign income ≤ ₹1 Cr
➡️ Amount payable = 60% of value
(30% Tax + 100% Penalty on tax)
Specified undisclosed foreign assets ≤ ₹5 Cr
➡️ ₹1 lakh fee
Declaration through Form 1 electronically.
This could be a significant compliance opportunity for taxpayers having small-value undisclosed foreign assets/income.
Latest update :IT Department Launches Form 1 for Reporting Undisclosed Foreign Assets Under FAST-DS 2026
- The Income Tax Department has launched Form 1 for taxpayers to report undisclosed foreign assets under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026).
- Taxpayers can file this form through the e-filing portal, facilitating the declaration of foreign-sourced income.
- This initiative aims to enhance transparency and compliance regarding foreign assets among small taxpayers.
- The introduction of Form 1 marks a significant step in India’s efforts to regulate undisclosed foreign holdings effectively.
https://www.incometaxindia.gov.in/documents/81799/15520974/FAST-DS-FAQs.pdf
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