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Sarkari Yojana
FAST-DS: Who Can Avail and What Tax Will Apply?
✍️ Asianet Newsable
🗓 16 Aug 2026, 11:50 AM
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The Foreign Assets Disclosure Scheme (FAST‑DS) lets Indian residents with undisclosed foreign assets regularise their holdings. Eligible taxpayers must file a declaration and pay a penalty of 5% of the undisclosed amount or Rs. 5 lakh, whichever is higher.
The Ministry of Finance introduced FAST‑DS in 2023 to encourage Indian residents to disclose foreign assets that were previously hidden from tax authorities. The scheme applies to individuals, Hindu Undivided Families, and companies that have foreign assets exceeding Rs. 10 lakh in value.
To qualify, a taxpayer must have not declared the foreign assets in any previous tax return and must submit a declaration within 90 days of the scheme’s launch. The penalty is calculated as 5% of the undisclosed amount or Rs. 5 lakh, whichever is higher, and is payable in a single installment.
Once the declaration and penalty are filed, the taxpayer’s foreign assets are considered regularised, and they are exempt from further scrutiny under the Income Tax Act. The scheme is part of the government’s broader effort to improve tax compliance and curb tax evasion.
To qualify, a taxpayer must have not declared the foreign assets in any previous tax return and must submit a declaration within 90 days of the scheme’s launch. The penalty is calculated as 5% of the undisclosed amount or Rs. 5 lakh, whichever is higher, and is payable in a single installment.
Once the declaration and penalty are filed, the taxpayer’s foreign assets are considered regularised, and they are exempt from further scrutiny under the Income Tax Act. The scheme is part of the government’s broader effort to improve tax compliance and curb tax evasion.