FAST-DS 2026: Form 1 live on income tax portal for foreign asset disclosure; check eligibility, filing process

The Income Tax Department has made Form 1 under FAST-DS 2026 available on the e-filing portal, allowing eligible taxpayers to voluntarily disclose foreign assets and income before the 31 December 2026 deadline.

The Income Tax Department, in a post on X, noted that “Form 1 under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) is now available for filing on the e-filing portal”.

FAST-DS 2026 is a one-time voluntary disclosure scheme that came into force on 16 August 2026. It allows taxpayers to declare certain undisclosed foreign assets and income, as well as foreign assets that were not reported in their income tax returns.

Here is what taxpayers need to know about Form 1 and the scheme.

Who can make a declaration under FAST-DS 2026?

• A person who was resident in India under Section 6 of the Income Tax Act, 1961, in the relevant previous year.
• A non-resident or resident but not ordinarily resident (RNOR) in the relevant previous year, provided the person was resident in India in the year to which the undisclosed foreign income or asset relates.

When can a taxpayer make a declaration?

A declaration can be made where the taxpayer:

• Failed to file an income tax return under Section 139.
• Filed a return but did not disclose the relevant foreign asset or income.
• Has an asset or income that has escaped assessment under Section 147.

What can be disclosed through Form 1?

Form 1 allows taxpayers to disclose different categories of foreign assets and income. These include:

• An undisclosed asset located outside India
• Undisclosed foreign income
• A foreign asset acquired from income earned outside India while the taxpayer was a non-resident, but which was not subsequently reported in the relevant foreign-asset schedule after becoming a resident
• A foreign asset acquired from income that was already offered to tax in India but was not reported in the relevant foreign-asset schedule.

The prescribed limits also need to be kept in mind. Undisclosed foreign assets or income not offered to tax can be declared up to an aggregate value of ₹1 crore.

Foreign assets that were already offered to tax, or acquired while the taxpayer was a non-resident but not reported in the relevant schedule, can be declared up to ₹5 crore.

How can taxpayers access Form 1?

Taxpayers can access the form by following these steps:

• Log in to the e-filing portal.
• Go to e-File.
• Select “Income Tax Forms”.
• Click on “File Income Tax Forms”.
• Go to the “Other Acts” section.
• Select Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (Form 1 of FAST-DS 2026).

What details are required in Form 1?

Form 1 is divided into four parts, covering the taxpayer’s details, foreign assets or income, valuation, and the amount payable:

• Part A – Basic information: Name, address, PAN, passport number, and passport details.
• Part B – Asset or income details: Type of undisclosed foreign asset or income, relevant year, residential status, supporting documents, and details of the asset or income. Multiple assets or income items can be added.
• Part C – Valuation summary: Aggregate fair market value of the declared foreign assets and income, subject to the ₹1 crore and ₹5 crore limits, as applicable.
• Part D – Amount payable: Tax and fee payable on the declared assets or income, including 60% tax on specified undisclosed assets or income and the applicable fee on other specified assets.

What documents have to be uploaded?

Form 1 requires supporting documents showing the acquisition of the asset or earning of the income, wherever applicable. A valuation report may also be required for assets such as:

• Immovable property
• Jewellery
• Artistic work
• Unquoted shares and securities

What happens after Form 1 is submitted?

After the declaration is electronically verified, the income tax authority will determine the amount payable and communicate it through an order in Form 2.

This order is to be issued within one month from the end of the month in which the declaration was made. The communication will also be made electronically.

Disclaimer: This is only for informational and educational purposes. Please consult a qualified expert for the latest laws and regulations.