\n| Effective Cost<\/td>\n | 60%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n Example: If an undisclosed foreign asset is valued at \u20b950 lakh:<\/p>\n \n- Tax = INR 15 lakh<\/li>\n
- Penalty = INR 15 lakh<\/li>\n
- Total payable = INR 30 lakh<\/li>\n<\/ul>\n
Effective burden = 60% of asset value. <\/span><\/p>\n<\/span>Category 2: <\/span><\/span><\/h3>\nInstead of tax and penalty, a flat fee is INR\u00a0100,000. Applicable where aggregate foreign asset value does not exceed INR 5 crore. <\/span><\/p>\n<\/span>Valuation Rules of\u00a0<\/span>Foreign Assets of Small Taxpayers Disclosure Scheme, 2026<\/span><\/span><\/h3>\nThe Fair Market Value (FMV) is generally the higher of the cost of acquisition OR market value as on 31 March 2026. Special valuation rules are prescribed for Quoted shares, Unquoted shares, Foreign real estate, LLP interests, Partnership interests, bank accounts, and Jewellery and bullion<\/p>\n <\/span>Special Rule for Foreign Bank Accounts<\/span><\/span><\/h3>\nFor foreign bank accounts, the value is not the closing balance.\u00a0Instead, value equals Total deposits made into the account from the date of opening till 31 March 2026.\u00a0However, certain redeposits and previously disclosed amounts can be excluded.\u00a0\u00a0This may significantly increase the declared value compared to the actual balance in the account.<\/p>\n <\/span>Filing Process of\u00a0Foreign Assets of Small Taxpayers Disclosure Scheme, 2026<\/span><\/span><\/h3>\nThe scheme is completely online.<\/p>\n \n \n\n\n| Form<\/th>\n | Purpose<\/th>\n<\/tr>\n | \n| Form 1<\/td>\n | Declaration<\/td>\n<\/tr>\n | \n| Income tax Form 2<\/td>\n | Order determining amount payable<\/td>\n<\/tr>\n | \n| Form 3<\/td>\n | Intimation of payment<\/td>\n<\/tr>\n | \n| Income tax Form 4<\/td>\n | Certificate of valid declaration<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/span>Payment Timeline of\u00a0<\/span>Foreign Assets of Small Taxpayers Disclosure Scheme, 2026<\/span><\/span><\/h3>\n\n- 2 months from the end of the month of receipt of Form 2 order without interest.<\/li>\n
- Additional 2 months allowed with 1% monthly interest.<\/li>\n
- Failure beyond this period results in loss of scheme benefit.<\/li>\n<\/ul>\n
<\/span>Benefits of FAST-DS<\/span><\/span><\/h3>\nUpon valid declaration and payment:<\/p>\n \n- No further tax under the Black Money Act on disclosed assets\/income.<\/li>\n
- Immunity from prosecution under the Black Money Act.<\/li>\n
- No penalty under the Black Money Act.<\/li>\n
- Declared income\/assets will not be included again in taxable income.<\/li>\n<\/ul>\n
<\/span>Restrictions of\u00a0<\/span>Foreign Assets of Small Taxpayers Disclosure Scheme, 2026<\/span><\/span><\/h3>\n\n- The scheme does not apply<\/strong> where assets or income represents proceeds of crime and PMLA proceedings are pending. and assessment has already been completed under the Black Money Act for the same asset\/income.<\/li>\n
- Further, after making a declaration of no revision of past assessments, taxpayers have No claim of relief or set-off in appeals relating to such assets.<\/li>\n<\/ul>\n
<\/span>Key Takeaway of\u00a0<\/span>Foreign Assets of Small Taxpayers Disclosure Scheme, 2026<\/span><\/span><\/h3>\nFAST-DS 2026 is a limited-period compliance window for small taxpayers with foreign assets. It is especially beneficial where:<\/p>\n \n- Foreign assets were omitted from Schedule FA.<\/li>\n
- The foreign bank accounts were not disclosed.<\/li>\n
- Foreign income escaped taxation.<\/li>\n
- The total value remains within the prescribed limits of INR 1 crore or INR 5 crore, as applicable.<\/li>\n<\/ul>\n
The scheme offers immunity from Black Money Act consequences but requires careful valuation and eligibility verification before filing<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" FAST-DS 2026 (Foreign Assets of Small Taxpayers Disclosure Scheme, 2026) The attached document explains the FAST-DS 2026, a one-time voluntary disclosure scheme introduced by the Government of India for small taxpayers holding undisclosed foreign assets or foreign income. The scheme is effective from 16 August 2026 and remains open until 31 December 2026. What is …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[161],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/11032"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=11032"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/11032\/revisions"}],"predecessor-version":[{"id":11038,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/11032\/revisions\/11038"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=11032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=11032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=11032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | |
![\"FAST-DS](\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2026\/08\/Final.png\")
<\/p>\n