Foreign asset disclosure scheme: Form 1 now available on income tax e-filing portal

Form 1 for FAST-DS 2026 goes live on e-filing portal

The Income Tax Department has enabled Form 1 under the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026 for filing on the income tax e-filing portal, as reported by CNBC TV18 and Livemint. The department announced the development on September 1, with a post on X stating, "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".

The portal has listed the form under e-File → Income Tax Forms → File Income Tax Forms → Other Acts → Foreign Assets of Small Taxpayers Disclosure Scheme, 2026. The development marks the operational rollout of the disclosure mechanism after the government notified the detailed FAST-DS rules in August.

The Foreign Assets of Small Taxpayers–Disclosure Scheme Rules, 2026 were notified on August 14 and came into force on August 16. The rules prescribe the forms, valuation methodology and payment process for eligible taxpayers.

What is FAST-DS 2026?

FAST-DS was introduced through the Finance Act, 2026 as a one-time compliance window for eligible taxpayers to disclose specified foreign assets and foreign income that were not appropriately reported. The rules set March 31, 2026 as the valuation date and December 31, 2026 as the last date for making a declaration under the scheme.

Form 1 requires taxpayers to provide details of the declarant and the foreign asset or income being disclosed. The form covers categories including undisclosed foreign assets, undisclosed foreign income and certain foreign assets that were not reported in the relevant income-tax return despite being acquired from specified sources. The scheme covers various types of foreign assets, including bank accounts, immovable property, jewellery, artistic works, shares and securities.

Who can make a declaration?

Eligibility for FAST-DS includes being 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 can make a declaration if the person was resident in India in the year to which the undisclosed foreign income or asset relates.

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, or 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, and 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 to file Form 1?

The portal has listed the form under e-File → Income Tax Forms → File Income Tax Forms → Other Acts → Foreign Assets of Small Taxpayers Disclosure Scheme, 2026. Form 1 is divided into four parts: Part A (basic information such as name, PAN, passport), Part B (asset or income details), Part C (valuation summary with aggregate fair market value), and Part D (amount payable, including 60% tax and applicable fee).

Supporting documents showing the acquisition of the asset or earning of the income are required wherever applicable. A valuation report may be required for assets such as immovable property, jewellery, artistic work, and unquoted shares and securities.

After the declaration is electronically verified, the income tax authority will determine the amount payable and communicate it through an order in Form 2, to be issued within one month from the end of the month in which the declaration was made. The amount determined is generally payable within two months from the end of the month in which the order is received, with a further period of up to two months available with additional interest of 1% per month or part thereof of delay.

The Income Tax Department has said that detailed information and filing guidance for FAST-DS 2026 is available through the e-filing portal.