{"id":32844,"date":"2026-08-17T01:21:45","date_gmt":"2026-08-16T19:51:45","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=32844"},"modified":"2026-08-17T01:39:53","modified_gmt":"2026-08-16T20:09:53","slug":"fast-ds-2026-eligibility-tax-payment-forms-deadlines","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/","title":{"rendered":"FAST-DS 2026: Eligibility, Tax Payment, Forms, &#038; Deadlines"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a8270d590495\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a8270d590495\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#FAST-DS_2026_Foreign_Assets_Disclosure_Scheme_for_Small_Taxpayers_%E2%80%93_Key_Highlights\" title=\"FAST-DS 2026: Foreign Assets Disclosure Scheme for Small Taxpayers \u2013 Key Highlights\">FAST-DS 2026: Foreign Assets Disclosure Scheme for Small Taxpayers \u2013 Key Highlights<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#What_is_FAST-DS_2026\" title=\"What is FAST-DS 2026?\">What is FAST-DS 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Key_Dates_under_Foreign_Assets_of_Small_Taxpayers_Disclosure_Scheme_2026_FAST-DS\" title=\"Key Dates under Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS)\">Key Dates under Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Who_Can_Use_the_Foreign_Assets_of_Small_Taxpayers_Disclosure_Scheme_2026_FAST-DS\" title=\"Who Can Use the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS)?\">Who Can Use the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#When_Can_a_Declaration_Be_Made\" title=\"When Can a Declaration Be Made?\">When Can a Declaration Be Made?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Two_Categories_Under_Foreign_Assets_of_Small_Taxpayers_Disclosure_Scheme_2026_FAST-DS\" title=\"Two Categories Under Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS)\">Two Categories Under Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Category_1_Undisclosed_Foreign_Asset_Income\" title=\"Category 1: Undisclosed Foreign Asset \/ Income\">Category 1: Undisclosed Foreign Asset \/ Income<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Category_2_Foreign_Asset_Already_Taxed_or_Acquired_While_Non-Resident_but_Not_Reported\" title=\"Category 2: Foreign Asset Already Taxed or Acquired While Non-Resident but Not Reported\">Category 2: Foreign Asset Already Taxed or Acquired While Non-Resident but Not Reported<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#What_If_Asset_Value_Exceeds_the_Limit\" title=\"What If Asset Value Exceeds the Limit?\">What If Asset Value Exceeds the Limit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Forms_Under_FAST-DS\" title=\"Forms Under FAST-DS\">Forms Under FAST-DS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Filing_Process_of_FAST-DS_2026_%E2%80%93_Filing_Procedure\" title=\"Filing Process of FAST-DS 2026 &#8211; Filing Procedure\">Filing Process of FAST-DS 2026 &#8211; Filing Procedure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Payment_Timeline_of_FAST-DS_2026\" title=\"Payment Timeline of\u00a0FAST-DS 2026\">Payment Timeline of\u00a0FAST-DS 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Valuation_Rules_in_relation_to_FAST-DS_2026\" title=\"Valuation Rules in relation to FAST-DS 2026: \">Valuation Rules in relation to FAST-DS 2026: <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Specific_Valuation_Rules_Apply_To\" title=\"Specific Valuation Rules Apply To:\">Specific Valuation Rules Apply To:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Valuation_of_Different_Assets\" title=\"Valuation of Different Assets\">Valuation of Different Assets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Special_Rules_for_Foreign_Bank_Accounts\" title=\"Special Rules for Foreign Bank Accounts\">Special Rules for Foreign Bank Accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Total_Deposits_Made_Since_Account_Opening\" title=\"Total Deposits Made Since Account Opening\">Total Deposits Made Since Account Opening<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Currency_Conversion_in_case_of_FAST-DS_2026\" title=\"Currency Conversion in case of\u00a0FAST-DS 2026\">Currency Conversion in case of\u00a0FAST-DS 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#Effect_on_Pending_Assessments_for_FAST-DS_2026\" title=\"Effect on Pending Assessments for\u00a0FAST-DS 2026\">Effect on Pending Assessments for\u00a0FAST-DS 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#FAST-DS_2026_Benefits\" title=\"FAST-DS 2026 Benefits:\u00a0\">FAST-DS 2026 Benefits:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/carajput.com\/blog\/fast-ds-2026-eligibility-tax-payment-forms-deadlines\/#When_Is_the_Scheme_Not_Available\" title=\"When Is the Scheme Not Available?\">When Is the Scheme Not Available?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-32847\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2026\/08\/1786817961444.jpg\" alt=\"FAST-DS 2026\" width=\"800\" height=\"999\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2026\/08\/1786817961444.jpg 800w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2026\/08\/1786817961444-240x300.jpg 240w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2026\/08\/1786817961444-768x959.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<div>\n<h2><span class=\"ez-toc-section\" id=\"FAST-DS_2026_Foreign_Assets_Disclosure_Scheme_for_Small_Taxpayers_%E2%80%93_Key_Highlights\"><\/span><span style=\"color: #000080;\">FAST-DS 2026: Foreign Assets Disclosure Scheme for Small Taxpayers \u2013 Key Highlights<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div>The CBDT has introduced FAST-DS 2026 (Foreign Assets of Small Taxpayers Disclosure Scheme), a one-time voluntary disclosure opportunity for taxpayers to regularize certain undisclosed foreign assets and foreign income and obtain relief under the Black Money Act.<\/div>\n<\/div>\n<div>\n<div>\n<h3><span class=\"ez-toc-section\" id=\"What_is_FAST-DS_2026\"><\/span><span style=\"color: #000080;\">What is FAST-DS 2026?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>FAST-DS is a voluntary disclosure scheme that allows eligible taxpayers to disclose:<\/p>\n<ul>\n<li>Undisclosed foreign assets<\/li>\n<li>An undisclosed foreign income<\/li>\n<li>Foreign assets that should have been reported but were not disclosed<\/li>\n<\/ul>\n<p>after paying the prescribed tax or fee.<\/p>\n<p>The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS) is a one-time compliance window introduced under the Finance Act, 2026 for eligible taxpayers to voluntarily disclose certain foreign assets and foreign income and obtain immunity under the Black Money Act, 2015.<\/p>\n<p>FAST-DS 2026 is aimed at small taxpayers who have inadvertently failed to disclose foreign assets or income. Taxpayers with foreign bank accounts, overseas shares, US RSUs\/ESOPs, foreign properties, inherited foreign assets or reporting lapses can regularize their position by filing before 31 December 2026 and obtain immunity from harsh consequences under the Black Money Act, provided they satisfy all eligibility conditions.<\/p>\n<\/div>\n<\/div>\n<div>\n<div>\n<h3><span class=\"ez-toc-section\" id=\"Key_Dates_under_Foreign_Assets_of_Small_Taxpayers_Disclosure_Scheme_2026_FAST-DS\"><\/span><span style=\"color: #000080;\">Key Dates under Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div>\n<div>The Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026, a one-time compliance opportunity introduced under Chapter IV (Sections 130-144) of the Finance Act, 2026, for taxpayers having undisclosed foreign assets or foreign income. The following are important dates for FAST-DS 2026 under Foreign Assets: Disclosure Scheme:<\/div>\n<\/div>\n<div>\n<ul>\n<li>Scheme Effective From: 16 August 2026<\/li>\n<li>Last Date to File Declaration: 31 December 2026<\/li>\n<li>Valuation Date (FMV): 31 March 2026<\/li>\n<li>No declarations can be filed after 31 December 2026.<\/li>\n<\/ul>\n<\/div>\n<div class=\"___1dmoc29 f10pi13n ftgm304 f1enuhaj fdclmfp f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1vyiefv f1ddd56o f16vktn6 f1ahpp82 f11qra4b f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f10ghnd0 f8fmt76 fjvbh62 f1qrqxae f1vw5qpk fc02sbz fxawf59 fymf513 f1aoyrul f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f1o0pw0q fbjjl9v fk1v6el f16pyhcb f1ixlhx9 f12zef0i flu5r5u f19haqzy f1owmcxx f1oddm8q f1004tna fcoaxci fh0ee9u f15v23i2 f1dmj53 f1r1gcv9 f14z1veh ffufd3x f1ypplot f1660cg\" style=\"height: 150px;\" width=\"818\">\n<tbody>\n<tr>\n<th>Particulars<\/th>\n<th>Date<\/th>\n<\/tr>\n<tr>\n<td>Scheme Start Date<\/td>\n<td>16 August 2026<\/td>\n<\/tr>\n<tr>\n<td>Last Date for Declaration<\/td>\n<td>31 December 2026<\/td>\n<\/tr>\n<tr>\n<td>Valuation Date<\/td>\n<td>31 March 2026<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>No declaration can be filed after 31 December 2026<\/p>\n<\/div>\n<div>\n<h3><span class=\"ez-toc-section\" id=\"Who_Can_Use_the_Foreign_Assets_of_Small_Taxpayers_Disclosure_Scheme_2026_FAST-DS\"><\/span><span style=\"color: #000080;\">Who Can Use the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS)?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The scheme is available to:<\/p>\n<p>Resident Indians: A person who was resident in India in the relevant year.<\/p>\n<p>NR or RNOR: Even if currently NR or RNOR, a person can use the scheme if:<\/p>\n<ul>\n<li>NR or RNOR were resident in India when the undisclosed foreign income was earned; or<\/li>\n<li>They were residents when the foreign asset was acquired.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p>In summary, the following apply to this scheme: Eligible persons include <span style=\"font-size: 16px;\">residents of India for the relevant previous year and <\/span><span style=\"font-size: 16px;\">current NRs\/RNORs who were residents when the foreign income was earned or the foreign asset was acquired.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-32852\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-17-013524.png\" alt=\"(Foreign Assets of Small Taxpayers \u2013 Disclosure Scheme\" width=\"858\" height=\"221\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-17-013524.png 858w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-17-013524-300x77.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-17-013524-768x198.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-17-013524-800x206.png 800w\" sizes=\"(max-width: 858px) 100vw, 858px\" \/><\/p>\n<div>\n<h3><span class=\"ez-toc-section\" id=\"When_Can_a_Declaration_Be_Made\"><\/span><span style=\"color: #000080;\">When Can a Declaration Be Made?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>When Can a Declaration Be Made: Where the taxpayer did not file an ITR under Section 139. Filed an ITR but failed to disclose the foreign asset\/income. and has income or assets that escaped assessment u\/s 147. so A declaration can be made if:<\/p>\n<ul>\n<li><span style=\"color: #000000;\">Situation-1: No income tax return was filed.<\/span><\/li>\n<li><span style=\"color: #000000;\">Situation-2: ITR was filed, but foreign assets\/income were not disclosed.<\/span><\/li>\n<li><span style=\"color: #000000;\">Situation-3: Foreign income or assets escaped assessment u\/s 147<\/span><\/li>\n<\/ul>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Two_Categories_Under_Foreign_Assets_of_Small_Taxpayers_Disclosure_Scheme_2026_FAST-DS\"><\/span><span style=\"color: #000080;\">Two Categories Under Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Category_1_Undisclosed_Foreign_Asset_Income\"><\/span><span style=\"color: #000080;\">Category 1: Undisclosed Foreign Asset \/ Income<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Aggregate value (FMV + foreign income) up to INR 1 crore<\/li>\n<li>Payable: 30% tax + 100% of tax<\/li>\n<li>Effective cost: 60% of value disclosed<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Category_2_Foreign_Asset_Already_Taxed_or_Acquired_While_Non-Resident_but_Not_Reported\"><\/span><span style=\"color: #000080;\"><strong>Category 2: Foreign Asset Already Taxed or Acquired While Non-Resident but Not Reported<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Asset acquired from taxed income or during non-resident status but omitted from disclosure.<\/li>\n<li>Aggregate value up to INR 5 crore<\/li>\n<li>Amount payable: Flat INR 1 lakh fee<\/li>\n<\/ul>\n<div>\n<h3><span class=\"ez-toc-section\" id=\"What_If_Asset_Value_Exceeds_the_Limit\"><\/span><span style=\"color: #000080;\">What If Asset Value Exceeds the Limit?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___1dmoc29 f10pi13n ftgm304 f1enuhaj fdclmfp f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1vyiefv f1ddd56o f16vktn6 f1ahpp82 f11qra4b f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f10ghnd0 f8fmt76 fjvbh62 f1qrqxae f1vw5qpk fc02sbz fxawf59 fymf513 f1aoyrul f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f1o0pw0q fbjjl9v fk1v6el f16pyhcb f1ixlhx9 f12zef0i flu5r5u f19haqzy f1owmcxx f1oddm8q f1004tna fcoaxci fh0ee9u f15v23i2 f1dmj53 f1r1gcv9 f14z1veh ffufd3x f1ypplot f1660cg\" style=\"height: 115px;\" width=\"803\">\n<tbody>\n<tr>\n<th>Category<\/th>\n<th>Threshold<\/th>\n<\/tr>\n<tr>\n<td>Category-1<\/td>\n<td>INR 1 crore<\/td>\n<\/tr>\n<tr>\n<td>Category-2<\/td>\n<td>INR 5 crore<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>If limits are exceeded, the scheme cannot be used.<\/p>\n<p>For example:<\/p>\n<ul>\n<li>Foreign assets worth INR 6.5 crore under Category 2<\/li>\n<li>Taxpayer becomes ineligible for FAST-DS<\/li>\n<\/ul>\n<\/div>\n<div>\n<h3><span class=\"ez-toc-section\" id=\"Forms_Under_FAST-DS\"><\/span><span style=\"color: #000080;\">Forms Under FAST-DS<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___1dmoc29 f10pi13n ftgm304 f1enuhaj fdclmfp f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1vyiefv f1ddd56o f16vktn6 f1ahpp82 f11qra4b f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f10ghnd0 f8fmt76 fjvbh62 f1qrqxae f1vw5qpk fc02sbz fxawf59 fymf513 f1aoyrul f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f1o0pw0q fbjjl9v fk1v6el f16pyhcb f1ixlhx9 f12zef0i flu5r5u f19haqzy f1owmcxx f1oddm8q f1004tna fcoaxci fh0ee9u f15v23i2 f1dmj53 f1r1gcv9 f14z1veh ffufd3x f1ypplot f1660cg\" style=\"height: 269px;\" width=\"968\">\n<tbody>\n<tr>\n<th>Form<\/th>\n<th>Purpose<\/th>\n<\/tr>\n<tr>\n<td>Form 1<\/td>\n<td>Declaration<\/td>\n<\/tr>\n<tr>\n<td>Form-2<\/td>\n<td>The amount payable is determined by the department.<\/td>\n<\/tr>\n<tr>\n<td>Form 3<\/td>\n<td>Intimation of payment<\/td>\n<\/tr>\n<tr>\n<td>Form-4<\/td>\n<td>Certificate confirming payment<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Filing_Process_of_FAST-DS_2026_%E2%80%93_Filing_Procedure\"><\/span><span style=\"color: #000080;\">Filing Process of <strong>FAST-DS 2026 &#8211; <\/strong><span style=\"font-size: 16px;\">Filing Procedure<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div>\n<p>Step 1: File Form 1 electronically.<\/p>\n<p>Step-2: Attach Asset documents, acquisition documents,<span style=\"font-size: 16px;\">\u00a0and <\/span><span style=\"font-size: 16px;\">Valuation reports wherever required<\/span><\/p>\n<p>Step 3: The department<span style=\"font-size: 16px;\"> issues Form 2 determining the amount payable. The Income<\/span>\u00a0Tax Authority issues Form 2, and this specifies the amount payable.<\/p>\n<p><span style=\"font-size: 16px;\">Step 4: Pay within the prescribed time. <\/span><\/p>\n<p><span style=\"font-size: 16px;\">Step 5: Submit payment details in Form 3. and <\/span><span style=\"font-size: 16px;\">Receive Form 4\/Certificate from the authority<\/span><\/p>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Payment_Timeline_of_FAST-DS_2026\"><\/span><span style=\"color: #000080;\">Payment Timeline of\u00a0<\/span><span style=\"color: #000080;\"><strong>FAST-DS 2026<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div>\n<p>After Form 2:<\/p>\n<ul>\n<li>Normal Time: Pay within 2 months.<\/li>\n<li>Extended Time: Additional period of up to 2 months available. and\u00a0Interest: 1% per month or part thereof.<\/li>\n<li>Maximum Time Allowed: 4 months from the end of the month in which Form 2 was issued.\u00a0Failure to pay within this period causes loss of scheme benefits<\/li>\n<\/ul>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Valuation_Rules_in_relation_to_FAST-DS_2026\"><\/span><span style=\"color: #000080;\">Valuation Rules in relation to <strong>FAST-DS 2026: <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><span style=\"color: #000080;\"><span style=\"font-size: 16px;\">Asset Valuation Rules: <\/span><\/span><span style=\"font-size: 16px;\">The Fair Market Value (FMV) is general. <\/span>Higher of Cost of acquisition or Open market value on 31 March 2026<\/li>\n<li>If valuation is not obtained: Indexed cost is treated as FMV. FMV generally equals the higher of the cost of acquisition or open market value on 31 March 2026. If no valuation report is available, the indexed cost may be treated as FMV. All values must be reported in INR using prescribed RBI exchange rates.<\/li>\n<\/ul>\n<p>Where market valuation is not carried out, the indexed cost of acquisition is deemed to be the FMV.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Specific_Valuation_Rules_Apply_To\"><\/span><span style=\"color: #000080;\">Specific Valuation Rules Apply To:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Bullion, jewellery, precious stones and artistic works<\/li>\n<li>Quoted and unquoted shares &amp; securities<\/li>\n<li>Immovable property situated outside India<\/li>\n<li>Foreign bank accounts, including prescribed exclusions to avoid double counting<\/li>\n<li>Interest in foreign partnership \/ AOP \/ LLP<\/li>\n<li>Residuary assets<\/li>\n<\/ul>\n<p>All values are required to be reported in Indian Rupees.<\/p>\n<ul>\n<li>Foreign currency conversion shall be made as per the prescribed method using the RBI reference rate applicable on the valuation date.<\/li>\n<li>A variance of up to 20% between the declared FMV and the value subsequently determined by the assessing officer, for assets other than bank accounts, will not by itself invalidate the declaration.<\/li>\n<\/ul>\n<div>\n<h3><span class=\"ez-toc-section\" id=\"Valuation_of_Different_Assets\"><\/span><span style=\"color: #000080;\">Valuation of Different Assets<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Foreign Property: The higher of purchase cost or market value on 31 March 2026. A valuer&#8217;s report from the foreign country is generally required.<\/li>\n<li>Jewellery, Bullion and Precious Stones: Higher of Cost or Valuation report value Otherwise, an\u00a0indexed cost applies.<\/li>\n<li>Quoted Shares: The higher of the cost<span style=\"font-size: 16px;\"> or the average<\/span><span style=\"font-size: 16px;\">\u00a0of highest and lowest market price on valuation date<\/span><\/li>\n<li>Unquoted Shares: Value based on a prescribed valuation formula or indexed cost.<\/li>\n<\/ul>\n<div>\n<h3><span class=\"ez-toc-section\" id=\"Special_Rules_for_Foreign_Bank_Accounts\"><\/span><span style=\"color: #000080;\">Special Rules for Foreign Bank Accounts<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is one of the most important provisions.\u00a0The value of a foreign bank account is generally:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Total_Deposits_Made_Since_Account_Opening\"><\/span><span style=\"color: #000080;\">Total Deposits Made Since Account Opening<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Not merely the account balance. Exclusions Allowed<\/p>\n<ul>\n<li>Redeposits of previously withdrawn money<\/li>\n<li>Amounts already declared under the earlier Black Money compliance scheme<\/li>\n<\/ul>\n<p>This prevents double taxation of the same funds.<\/p>\n<\/div>\n<div>\n<h3><span class=\"ez-toc-section\" id=\"Currency_Conversion_in_case_of_FAST-DS_2026\"><\/span><span style=\"color: #000080;\">Currency Conversion in case of\u00a0<\/span><span style=\"color: #000080;\"><strong>FAST-DS 2026<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>All values must be reported in Indian Rupees (INR), and conversion is to be made using the RBI Reference Rate applicable on 31 March 2026.<\/li>\n<\/ul>\n<div>\n<h3><span class=\"ez-toc-section\" id=\"Effect_on_Pending_Assessments_for_FAST-DS_2026\"><\/span><span style=\"color: #000080;\">Effect on Pending Assessments for\u00a0<\/span><span style=\"color: #000080;\"><strong>FAST-DS 2026<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Where an assessment is pending The Assessing Officer must consider the declaration while finalizing the assessment order<\/p>\n<\/div>\n<\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"FAST-DS_2026_Benefits\"><\/span><span style=\"color: #000080;\"><strong>FAST-DS 2026 <\/strong>Benefits:\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Upon valid declaration and payment, immunity from further tax, immunity from penalty, and immunity from prosecution under the Black Money Act and declared income\/assets will not again be included in taxable income under the Income Tax Act or Black Money Act, so the following are benefits of the scheme:<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>On valid declaration and payment:<\/li>\n<li>Immunity from further tax, penalty, and prosecution under the Black Money Act.<\/li>\n<li>Declared income\/assets will not be taxed again under the Income-tax Act or Black Money Act.<\/li>\n<li>Pending assessments must consider the declaration.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li>What Cannot Be Claimed?: Once an asset is declared, no rectification, no revision, no set-off, and No additional relief in appeal proceedings for that declared asset\/income.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"When_Is_the_Scheme_Not_Available\"><\/span><span style=\"color: #000080;\">When Is the Scheme Not Available?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><span style=\"color: #000000;\">The scheme cannot be used if Proceeds of Crime: The income\/asset represents proceeds of crime, and PMLA proceedings have been initiated or are pending. and Black Money Act Assessment Already Completed: The asset\/income relates to a year already assessed under the Black Money Act, 2015<\/span><\/li>\n<li><span style=\"color: #000000;\">FAST-DS 2026 Not Available For the following assets\/income<span style=\"font-size: 16px;\">\u00a0representing proceeds of crime where PMLA proceedings have been initiated. and <\/span><span style=\"font-size: 16px;\">cases already assessed under the Black Money Act, 2015.<\/span><\/span><\/li>\n<\/ul>\n<p>The FAST-DS 2026 provides a limited opportunity until 31 December 2026 for eligible taxpayers to regularize undisclosed foreign assets or income at a predetermined cost and obtain immunity from severe consequences under the Black Money Act. Taxpayers with foreign bank accounts, employee stock option plans and restricted stock units, overseas investments, inherited foreign assets, or historical disclosure lapses should carefully evaluate eligibility and seek professional advice before filing.<\/p>\n<div>\n<p>&nbsp;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>FAST-DS 2026: Foreign Assets Disclosure Scheme for Small Taxpayers \u2013 Key Highlights The CBDT has introduced FAST-DS 2026 (Foreign Assets of Small Taxpayers Disclosure Scheme), a one-time voluntary disclosure opportunity for taxpayers to regularize certain undisclosed foreign assets and foreign income and obtain relief under the Black Money Act. What is FAST-DS 2026? FAST-DS is &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9909],"tags":[10535],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/32844"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=32844"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/32844\/revisions"}],"predecessor-version":[{"id":32855,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/32844\/revisions\/32855"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=32844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=32844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=32844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}