I-T Dept makes Form 1 available for foreign asset disclosure scheme

The Income Tax Department has enabled Form 1 for the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026, on its e-filing portal. The scheme provides eligible small taxpayers with a one-time opportunity to disclose specified foreign assets and foreign income that were not reported earlier. Declarations must be submitted by December 31, 2026.