Neutral impactEconomy
FAST-DS 2026: Form 1 live on income tax portal for foreign asset disclosure; check eligibility, filing process
Mint 1 hr ago·1 Sept 2026, 11:45 am
The Income Tax Department has launched the Form 1 for the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026. This one-time scheme allows eligible taxpayers to voluntarily disclose their foreign assets and income to the tax authorities. The filing process is now live on the official e-filing portal.
This move is significant for retail investors as it provides a structured opportunity to regularize past holdings. By declaring these assets, taxpayers can avoid potential scrutiny and penalties. It is important to carefully review the eligibility criteria to ensure the scheme is applicable to your specific financial situation.
Investors should monitor the official updates on the tax portal for any procedural clarifications. It is advisable to consult a tax professional to understand the implications and ensure accurate filing before the deadline.
Excerpt from Mint
Form 1 is now live on the income tax e-filing portal for the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026. This one-time scheme allows eligible taxpayers to disclose foreign assets and income. Declarations can be filed until 31 December 2026. The Income Tax Department has made Form 1 under FAST-DS 2026…Read the original at Mint
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