FAST-DS 2026 Form 1: The Income Tax Department has opened the next stage of the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026), with Form 1 now available on the income-tax e-Filing portal.
The one-time program lets eligible people bring forward certain foreign assets and foreign income. This can apply when those items were not reported before, or they were not taxed at the time. You must meet the listed conditions and pay the tax or fee that applies.
The program started on August 16, 2026. Filings are open until December 31, 2026. The public FAQ also points to March 31, 2026 as the valuation date for the assets that fall under this plan.
What is FAST-DS 2026?
FAST-DS means Foreign Assets of Small Taxpayers–Disclosure Scheme, 2026. This was set out in Chapter IV of the Finance Act, 2026. It covers Sections 130 to 144. The rules that make it work are in the FAST-DS Rules, 2026.
In simple terms, it is a one-time option. Eligible taxpayers can correct specified foreign assets or income under this route.
The scheme looks aimed at missed disclosure cases. The Budget FAQ calls out examples. These include foreign ESOPs and RSUs held by workers. It also mentions old foreign bank accounts kept by former students. There are also foreign savings or insurance plans of returning non-residents. Another example is assets held during time abroad for deputation.
Form 1 Is Now Available On The Income Tax Portal
The Income Tax Department has confirmed that Form 1 under FAST-DS 2026 is available electronically.
1. Log in to the e-filing portal.
2. Go to e-File.
3. Select “Income Tax Forms”.
4. Click on “File Income Tax Forms”.
5. Go to the “Other Acts” section.
6. Select Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (Form 1 of FAST-DS 2026).
Who Is Eligible For FAST-DS 2026?
Who can use the scheme depends mostly on where the taxpayer was based in the relevant year. It also depends on the year tied to the foreign asset or the foreign income. In the CBDT FAQ, an eligible person can be one of the following.
First, a person who was a resident of India under Section 6 of the Income-tax Act, 1961, for the relevant previous year.
Second, a person who is a non-resident now, or who is RNOR. This is only allowed if the person was in India as a resident in either the year linked to the undisclosed foreign income. It can also be allowed if the person was resident in the year when the foreign asset was bought.
So, becoming an NRI later does not by itself stop a person from using FAST-DS.
When Can A Taxpayer Use The Scheme?
The CBDT FAQ identifies three situations in which a declaration may be made:
1. The taxpayer did not file an income-tax return under Section 139.
2. The taxpayer filed a return but failed to disclose the relevant foreign asset or income.
3. The foreign income or asset has escaped assessment within the meaning of Section 147.
The declaration window is from August 16, 2026, to December 31, 2026. No declaration can be filed under the scheme after December 31.
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What Foreign Assets Or Income Can Be Disclosed?
FAST-DS broadly recognises two categories.
Category 1: Undisclosed foreign asset or income. This covers:
- Undisclosed assets located outside India
- Undisclosed foreign income that was chargeable to tax in India but was not offered to tax
- The aggregate value of the undisclosed foreign asset and foreign income covered under this category cannot exceed ₹1 crore.
Category 2: Foreign assets missed from the return
The second category is different. It covers certain foreign assets that were:
- Already acquired from income that had been offered to tax in India, or
- Acquired when the taxpayer was non-resident,
- But were subsequently not reported in the relevant foreign-asset schedule of the income-tax return.
For this category, the aggregate value of the foreign assets must not exceed ₹5 crore.
What If The Foreign Asset Is Worth ₹6 crore?
This is where the ₹5 crore ceiling starts to matter. If the total value of assets in the second bucket is above ₹5 crore, then the taxpayer cannot use FAST-DS for that declaration.
In its FAQ, the CBDT gives a simple case. It says that if the asset value is ₹6.5 crore, the taxpayer will not be able to use FAST-DS under that category.
What Files Are Required For Form 1?
Taxpayers should keep the papers ready before they submit Form 1. It is better to not try to piece together the transaction details later.
The CBDT FAQ says Form 1 requires documents evidencing:
- Acquisition of the foreign asset
- Earning of foreign income
- Valuation, wherever applicable
Valuation reports may be relevant for assets such as:
- Overseas immovable property
- Jewellery
- Artistic works
- Unquoted shares and securities
- Other assets where valuation is required.
If you have money in an overseas bank account, keep old account records. You want proof of where the money came from and what changed over time. That includes deposits and withdrawals. If you own foreign stocks or other securities, keep statements from your broker or custodian. Those papers usually show the activity and balances.
If you have ESOPs or RSUs, hold onto the grant paperwork. Also save vesting reports and the records of each transaction. Keep any tax forms or notices you received for those events.
FAST-DS 2026 Form 1: Step-by-step filing process
1. Log in to the Income Tax e-Filing portal with your PAN and password.
2. Go to e-File → Income Tax Forms → File Income Tax Forms.
3. Under Other Acts, select Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (Form 1).
4. Enter your foreign asset/foreign income and other required details.
5. Add the required supporting documents and valuation details, wherever applicable.
6. Review the declaration carefully and submit Form 1 electronically.
7. Complete the prescribed e-verification and save the acknowledgement for future reference.
What Happens After Form 1 Is Filed?
Filing Form 1 is only the start. Once the e-verification is done, the income-tax office checks the case. It then calculates what you need to pay. Form 2 is used to share that figure.
The FAQ notes that Form 2 should be sent within one month from the end of the month when the declaration was filed. After you get Form 2, you must pay within two months from the end of that same month.
If you cannot pay in time, you can ask for more time. An extra period of up to two months may be allowed. During this extra time, simple interest at 1% per month, or part of a month, can apply. This is still limited by the set outer cap.
When the payment is made, you submit the payment intimation and the required proof. After that, the authority issues Form 4. Form 4 confirms that the payment is done and that the declaration stands valid.
