This document provides an overview of the Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS) introduced under Chapter IV (Sections 130–144) of the Finance Act, 2026, read with the FAST-DS Rules, 2026.

It covers key aspects of the Scheme including eligibility, categories of foreign assets and income that can be declared, monetary thresholds, tax and fee payable, valuation of assets, filing and payment procedures, applicable forms, benefits and immunities, and cases where the Scheme is not applicable. It also includes practical examples explaining the valuation of foreign bank accounts and other assets.

The Scheme commences on 16 August 2026, with 31 December 2026 as the last date for filing a declaration.