Undisclosed Foreign Assets? Income Tax Department Activates Form 1 under FAST-DS 2026 on E-Filing Portal:

The Income Tax Department has officially made available Form 1 under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026), on the e-filing portal. The form has permitted taxpayers to voluntarily disclose foreign assets and income that were initially not disclosed in their income tax returns (ITRs), on or before the statutory time limit of December 31, 2026.

The Income Tax Department has shared a post on platform 'X' stating that "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."

Aarjav Jain, Executive Director and NRI Tax Expert, Dinesh Aarjav & Associates, Chartered Accountants, has stated that with Form 1 now live, the compliance window under FAST-DS 2026 - the Foreign Assets of Small Taxpayers Disclosure Scheme - has moved from notification to action."

According to the source, the government had introduced the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026 (FAST-DS Rules 2026), a one-time voluntary disclosure scheme, on August 15, 2026. The government had also released Frequently Asked Questions (FAQs) concerning the scheme.

Who Can File Form 1 under FAST-DS 2026?

1. A taxpayer who was a resident of India in the relevant previous year under Section 6 of the Income Tax Act; and

2. A taxpayer who is a non-resident or resident of India but not ordinarily resident (RNOR) in the relevant previous year, one condition is that the taxpayer was resident in India in the year to which the undisclosed foreign income or asset pertains.

When Can a Declaration Be Made?

In the following conditions, a taxpayer can make a declaration:

1. If he/she has failed to file an income tax return (ITR) under Section 139 of the Income Tax Act.

2. When the income tax return (ITR) was filed, the taxpayer had failed to disclose the relevant foreign asset or income.

3. If he/she has an asset or income that has escaped assessment under Section 147 of the Income Tax Act.

How Can Form 1 Be Accessed?

By following the below-mentioned steps, a taxpayer can access Form 1:

• Step 1: Visit the income tax e-filing portal and log in to the same.

• Step 2: Navigate to the 'e-File' section.

• Step 3: Select “Income Tax Forms".

• Step 4: Click on “File Income Tax Forms".

• Step 5: Thereafter, visit the “Other Acts” section.

• Step 6: Select Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (Form 1 of FAST-DS 2026).