Who can use it
- Residents in the year the income or asset relates to.
- Non-residents, and residents but not ordinarily resident, if they were resident either in the year the undisclosed income relates to, or in the year the foreign asset was acquired.
The asset or income must be one you didn't report: no return filed, left out of a return filed before 16 August 2026, or income that escaped assessment.
Which category, and the limits
| Category | Covers | Limit | You pay |
|---|---|---|---|
| 1 | Assets with an unexplained source, or foreign income never taxed | Up to ₹1 crore | 60% of the value |
| 2 | Assets already taxed, or bought while you were a non-resident, but not shown in your return | Up to ₹5 crore | ₹1,00,000 flat |
Above ₹5 crore, you can't use the scheme. A typical returnee's case, savings built from salary earned and taxed abroad, often fits Category 2.
Who's excluded
- Income or assets that are proceeds of crime under proceedings under the money-laundering law.
- Years for which a black money assessment is already complete.
What you get
For what you declare, and once you've paid: immunity from further tax, penalty and prosecution under the Black Money Act, 2015. The amount isn't added to your income again. What you pay isn't refundable.
After FAST-DS
Declaring once doesn't end reporting. While you're a resident and ordinarily resident, list your foreign assets in Schedule FA of every return.
The last date is 31 December 2026.
Common questions
Can an NRI use FAST-DS?
Yes, if they were resident in the year the undisclosed income relates to or the year the foreign asset was acquired.
What does Category 2 cost?
A flat ₹1,00,000, for assets up to ₹5 crore that were already taxed or bought while non-resident but not shown in the return.
What immunity does FAST-DS give?
Immunity from further tax, penalty and prosecution under the Black Money Act, 2015 for what you declare, once you've paid.
Do I still need Schedule FA after FAST-DS?
Yes. Residents keep listing foreign assets in Schedule FA every year.
Two ways to sort this
Do it yourself
- Check you were resident in the year the income relates to or the asset was bought.
- List the assets you never showed in Schedule FA.
- Work out each value as on 31 March 2026 and pick the category.
- File Form 1 before 31 December 2026.
Let an expert do it
An expert can check your residency, category and filing.
The first chat is freeStill hold shares from a foreign employer? See how they're taxed.
Open the RSU tax calculatorSources
- FAST-DS 2026: frequently asked questions (13 August 2026), Income Tax Department
- Foreign Assets of Small Taxpayers Disclosure Scheme, 2026: forms and payment, Income Tax Department e-filing portal
This guide explains the rules in general. For your own situation, .