Have You Disclosed Your Foreign Assets in Your Income Tax Return?
Own foreign shares, RSUs, ESOPs, overseas bank accounts or other foreign assets? The FAST-DS 2026 scheme may provide an opportunity for eligible taxpayers to disclose specified foreign assets and income.
Get professional assistance from JLNR & CO., Chartered Accountants, for eligibility assessment, asset analysis, valuation and statutory disclosure.
How We Can Help You
- ✓ FAST-DS eligibility assessment
- ✓ Foreign asset identification
- ✓ RSU / ESOP / ESPP analysis
- ✓ Overseas bank account disclosure
- ✓ Form 1 preparation and filing
- ✓ FEMA compliance review
What is FAST-DS?
The Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS) is a special disclosure framework introduced to provide eligible taxpayers an opportunity to disclose specified foreign assets and income in accordance with the scheme.
It is particularly relevant for individuals who may have omitted foreign assets or related income from their earlier income tax returns.
FAST-DS is not a general amnesty for every foreign asset or every taxpayer. Eligibility, asset categories, relevant years, valuation and applicable statutory payments must be examined before proceeding.
Why Should You Review Your Foreign Asset Disclosures?
- Foreign assets may require disclosure in Schedule FA.
- Foreign income may require separate reporting.
- RSU/ESOP holdings may have tax and reporting implications.
- Overseas bank accounts may require examination.
- Historical acquisition and source-of-funds records may be relevant.
- Incorrect or incomplete disclosures may expose taxpayers to statutory consequences.
Who Should Consider FAST-DS?
Individuals having specified foreign assets or income that may not have been appropriately disclosed should seek an eligibility assessment.
IT Professionals
Employees of multinational companies receiving foreign shares, RSUs, ESOPs and ESPPs.
Returning NRIs
Individuals returning to India with overseas bank accounts, investments and other foreign assets.
Foreign Bank Accounts
Individuals maintaining overseas savings accounts, deposits and financial accounts.
Foreign Shareholders
Individuals holding overseas listed shares, securities and employee stock benefits.
Overseas Property Owners
Individuals owning foreign residential or commercial properties requiring assessment.
Incomplete ITR Disclosures
Taxpayers who need to examine omissions in previous foreign asset or income disclosures.
FAST-DS Services by JLNR & CO.
We assist clients throughout the assessment, documentation, declaration and subsequent compliance process.
01. Eligibility Assessment
- Residential status examination.
- Review of relevant financial years.
- Identification of eligible foreign assets.
- Assessment of scheme conditions and exclusions.
02. Foreign Asset Analysis
- Foreign bank accounts and deposits.
- Overseas shares and securities.
- RSU, ESOP and ESPP holdings.
- Foreign immovable property.
- Source-of-funds examination.
03. Valuation & Documentation
- Review of acquisition dates and values.
- Applicable valuation methodology.
- Supporting documents and reconciliation.
- Preparation of disclosure workings.
04. Filing & Post-Filing Support
- Form 1 preparation and filing.
- Form 2 and prescribed payment guidance.
- Form 3 process assistance.
- Form 4 and closure process guidance.
How the FAST-DS Process Works
A structured four-stage approach to manage your foreign asset disclosure assignment.
Initial Consultation
Understand your residential status, foreign assets, historical filings and eligibility.
Document Review
Analyse asset details, acquisition records, source of funds and applicable valuation.
Declaration Filing
Prepare Form 1 and assist with the prescribed statutory payment and subsequent forms.
Compliance Closure
Assist with the prescribed closure process and explain future reporting requirements.
FAST-DS Service Packages
Select the appropriate package depending on the nature, number and complexity of your foreign assets.
FAST-DS Basic
For straightforward foreign asset disclosure cases.
- Initial eligibility assessment
- Residential status review
- Review of previous ITR disclosures
- Basic foreign asset document review
- Applicable valuation assessment
- Form 1 preparation and filing
- Filing acknowledgement
FAST-DS Standard
For RSUs, ESOPs, overseas shares and multiple financial assets.
- Detailed eligibility assessment
- Previous ITR and Schedule FA review
- Foreign asset acquisition analysis
- Source-of-funds review
- Valuation methodology assessment
- Disclosure workings and reconciliation
- Form 1 preparation and filing
- Form 2, 3 and 4 process guidance
- Post-filing assistance
FAST-DS Premium
For complex foreign asset holdings and multiple years of historical analysis.
- Detailed historical ITR review
- Multiple foreign asset classes
- Complex RSU/ESOP/ESPP analysis
- Foreign property and bank account review
- Detailed source-of-funds analysis
- Comprehensive disclosure working papers
- Form 1 preparation and filing
- Subsequent compliance assistance
- Dedicated CA consultation
All package fees are indicative professional charges. Final fees depend on eligibility, number of assets, complexity and scope of work. Government payments, external valuation charges and third-party expenses are additional. Form 1 filing does not guarantee acceptance or any particular statutory protection.
Other Services & Advisory Fees
Additional services can be taken up separately based on the client's requirements.
| Additional Service | Professional Fee |
|---|---|
| Initial FAST-DS consultation | ₹2,500 |
| Additional foreign asset analysis | ₹2,000 – ₹5,000 |
| Historical ITR review – additional year | ₹2,500 / year |
| Detailed RSU / ESOP reconciliation | ₹5,000 onwards |
| Foreign property valuation coordination | ₹5,000 onwards |
| Separate FEMA compliance review | ₹7,500 onwards |
| Revised ITR preparation and filing | ₹5,000 onwards |
| Separate FEMA advisory / opinion | Case-based quotation |
GST extra, wherever applicable. Consultation fees may be adjusted against the final engagement fee if agreed at the time of engagement.
FAST-DS Disclosure Does Not Automatically Resolve FEMA Issues
Disclosure of foreign assets under FAST-DS and compliance under the Foreign Exchange Management Act, 1999 (FEMA) are two distinct regulatory considerations.
The acquisition, funding, remittance and continued holding of overseas assets may require a separate FEMA examination depending on the facts of the case.
JLNR & CO. can undertake a separate FEMA compliance review covering the relevant transactions and regulatory requirements.
Enquire About FEMA AdvisoryDocuments You May Need
The exact document list will depend on the asset type, relevant year and applicable scheme requirements.
FAST-DS 2026 – FAQs
Answers to common questions about foreign asset disclosure and our professional services.
1. What is FAST-DS 2026?
FAST-DS 2026 is a special disclosure scheme for eligible taxpayers in respect of specified foreign assets and income. Its conditions, coverage and benefits are governed by the applicable statutory provisions.
2. Who can apply under FAST-DS?
Eligibility depends on the taxpayer's status, asset category, relevant assessment years, value limits and other statutory conditions. A detailed assessment is necessary before filing.
3. I have foreign RSUs or ESOPs. Can I apply?
Foreign shares received through employment may require examination of the vesting, acquisition, holding, income and disclosure history. Whether FAST-DS is available depends on the scheme's specific conditions.
4. Does FAST-DS cover overseas bank accounts?
Specified foreign bank accounts may be covered depending on the category and eligibility conditions. The account balance, source of funds, ownership and relevant dates should be examined.
5. What is the government payment under FAST-DS?
The statutory payment depends on the applicable declaration category and the relevant provisions. It is separate from JLNR & CO.'s professional fees. The exact amount should be determined after eligibility and valuation assessment.
6. Will FAST-DS resolve my FEMA non-compliance?
No automatic FEMA regularisation should be assumed. Foreign asset disclosure under the scheme and FEMA compliance are separate matters and may require independent examination.
7. What are the professional fees charged by JLNR & CO.?
Our indicative packages start at ₹7,500 plus applicable GST. The Standard package is ₹12,500 plus GST, while Premium assignments start at ₹20,000 plus GST.
8. Can I engage JLNR & CO. if my previous CA filed my returns?
Yes. Subject to receiving the relevant returns, documents and necessary authorisations, we can review your earlier disclosures and assess the available options.
9. Does filing Form 1 complete the entire process?
No. The scheme prescribes subsequent steps and forms, including the applicable payment and reporting requirements. We will explain the process applicable to your declaration.
10. Is the FAST-DS scheme available to everyone?
No. The scheme has specified eligibility criteria and exclusions. Please obtain a professional assessment before deciding to proceed.
Not Sure Whether Your Foreign Assets Are Properly Disclosed?
Do not wait until a compliance issue arises. Have your foreign asset disclosures reviewed by a Chartered Accountant and understand your available options under FAST-DS 2026.
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