Yesterday, the Foreign Asset Disclosure Scheme, 2026 was rolled out on the Income Tax Portal.
Income Tax Department Released a Simultaneous Short Video Suggesting that if this scheme is not opted and one has an old Undisclosed Foreign Bank Account or Foreign asset then along with 30% Tax, 90% Penalty can be imposed. Further, even if tax paid but the asset is non disclosed, a penalty upto 10 Lacs can be recovered.
If Scheme is opted, one gets to pay a fine of 1 Lac and undisclose all tax paid foreign assets and pay 60% for all undisclosed untaxed Foreign Assets.
The scheme looks good to get peace. It is Useful if you have Foreign ESOP’s, Properties, Crypto’s, Bank Accounts etc.
Efiling Path on the Portal is e-File → Income Tax Forms → File Income Tax Forms → Under Other Acts → Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (Form 1 of FADS 2026)
For Detailed Study :- https://charteredonline.in/ohal
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. https://t.co/5XSxJVCtPx pic.twitter.com/YgrSssRzxU
— Income Tax India (@IncomeTaxIndia) September 1, 2026
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