CBDT Notifies FAST-DS 2026 Rules, Foreign Asset Disclosure Window Opens August 16

New Delhi: The Central Board of Direct Taxes (CBDT) has notified the Foreign Assets of Small Taxpayers-Disclosure Scheme (FAST-DS) Rules, 2026, providing eligible taxpayers an opportunity to disclose certain foreign assets and income that were not previously declared.

Under the one-time scheme, eligible taxpayers can make voluntary disclosures of specified undisclosed foreign assets, undisclosed foreign income or undeclared foreign assets by paying the applicable tax or fee.

The scheme will take effect from August 16, 2026, while the deadline for filing declarations has been fixed as December 31, 2026. No declarations will be accepted after the cut-off date.

FAST-DS 2026 has been introduced under Chapter IV of the Finance Act, 2026 and is intended to facilitate voluntary compliance among eligible small taxpayers with specified foreign assets or income.

To help taxpayers understand the new provisions, the Income Tax Department has also issued a detailed Frequently Asked Questions (FAQ) document covering the scheme and the notified rules.

The department said the FAQ has been prepared to provide simple and clear information to taxpayers and other stakeholders and help them understand the requirements and procedure for making a declaration.

Taxpayers eligible under the scheme have been advised to review the official rules and guidance before submitting their declarations within the prescribed deadline.

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