CBDT rolls out FAST-DS 2026 scheme for small taxpayers

The Central Board of Direct Taxes (CBDT) has notified the Foreign Assets of Small Taxpayers – Disclosure Scheme (FAST-DS) Rules, 2026. The Scheme will come into force Sunday,August 16,2026. The last date for filing a declaration under this scheme is 31st December this year. No declaration can be filed after this date. The Foreign Assets of Small Taxpayers-Disclosure Scheme 2026 is a one-time voluntary disclosure scheme contained in Chapter IV of the Finance Act, 2026. It enables eligible taxpayers to declare certain undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets, on payment of a specified tax or fee. The Income Tax Department has issued a comprehensive FAQ document on the scheme and rules as part of its continued efforts to enhance taxpayer awareness and facilitate a better understanding of the scheme. The FAQs provide clear and concise explanations for the benefit of taxpayers and other stakeholders.

The scheme also covers specified foreign assets that were acquired from foreign income when the taxpayer was non-resident or from income that had already been offered to tax in India, but which were not reported in the relevant schedule of the income-tax return.