What is FAST-DS 2026 scheme and who can apply for it?

Fast-DS 2026 is a one-time scheme by Income Tax department for taxpayers to voluntarily disclose foreign assets and income by December 31. Undisclosed foreign assets or income of up to ₹1 crore will be charged 60% of declared assets. Foreign assets acquired by income earned as non-resident with value of up to ₹5 crore will carry a ₹1 lakh fee.