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If you have a foreign bank account, overseas shares, ESOPs, property abroad or foreign income that was not properly disclosed in your Indian Income Tax Return, there is now a limited opportunity to correct the mistake.
The Government has introduced the Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS 2026) to help eligible taxpayers voluntarily disclose certain foreign assets and foreign income.
However, the most important point is the deadline.
🚨 FAST-DS 2026 Deadline: 31 December 2026
The scheme came into effect on 16 August 2026, and eligible taxpayers can file their declaration only up to:
31 December 2026
After this date, no declaration can be filed under the scheme.
Therefore, taxpayers with unreported foreign assets, overseas investments or foreign income should review their position early instead of waiting until December. If you want to know more about these categories, you can contact our professionals too.
What is FAST-DS 2026?
The Foreign Asset Disclosure Scheme 2026 is a one-time opportunity for eligible taxpayers to regularise certain past foreign asset or foreign income disclosure mistakes.
It may cover situations where a taxpayer:
- did not report a foreign bank account;
- failed to disclose overseas shares or securities;
- did not report foreign property;
- missed disclosure of ESOPs or foreign investments;
- did not disclose certain foreign income; or
- acquired an overseas asset from income already taxed but failed to report the asset in the relevant ITR schedule.
The scheme broadly provides two different disclosure routes depending on the nature of the non-compliance.
What foreign assets may be covered?
Depending on eligibility, FAST-DS 2026 may cover assets such as:
- foreign bank accounts;
- overseas shares and securities;
- foreign ESOPs;
- overseas property;
- investments in foreign entities;
- jewellery or valuable assets held abroad; and
- other eligible foreign assets.
The prescribed valuation date is 31 March 2026, and different valuation methods may apply depending on the type of asset.
Why you should not wait until the Deadline
Although 31 December 2026 may appear to be some time away, foreign asset disclosure can require considerable preparation.
Taxpayers may need to collect:
- foreign bank statements;
- investment and brokerage statements;
- ESOP records;
- property documents;
- past Income Tax Returns;
- proof of tax already paid;
- residential status records; and
- valuation documents.
Determining whether a case falls under the ₹1 crore category or the ₹5 crore reporting-default category also requires careful review.
How Mercurius Can Help
Mercurius can assist taxpayers in reviewing foreign assets, past ITR disclosures, eligibility under FAST-DS 2026, valuation requirements and the applicable disclosure category.
We can also support taxpayers with documentation, tax calculations and the filing process under the Foreign Asset Disclosure Scheme.
For more details, you can contact us!
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The key date to remember: 31 December 2026
If you have an overseas bank account, foreign shares, ESOPs, property or foreign income that may not have been correctly reported in India, it is advisable to review the position well before the FAST-DS 2026 deadline.
https://www.incometaxindia.gov.in/documents/81799/15520974/FAST-DS-FAQs.pdf
