KAR SATHI · VISUAL GUIDE
Understand FADS 2026 eligibility, foreign-asset disclosure categories, Form 1 deadline, tax or fee, ITNS 289 payment and filing process.
01 · FROM THE GUIDE
FADS 2026: Foreign Assets Disclosure Scheme, Eligibility, Form 1 and Deadline
A foreign bank account closed years ago, shares received from an overseas employer, or property purchased while working abroad may still require disclosure in an Indian.
02 · FROM THE GUIDE
Particular | Details
Scheme | Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026
03 · FROM THE GUIDE
FADS 2026 is a voluntary disclosure scheme introduced through the Finance Act, 2026. It allows eligible taxpayers to regularise certain foreign assets or foreign income that were not properly reported earlier.
04 · FROM THE GUIDE
A foreign asset or foreign income was chargeable to tax in India but was not offered to tax.
A foreign asset was acquired from an explained source, but the taxpayer failed to disclose it in the relevant foreign-asset schedule of the income tax return.
05 · FROM THE GUIDE
The scheme can apply to a person who was resident in India under Section 6 of the Income-tax Act, 1961 during the relevant previous year.
It may also cover a person who is presently a non-resident or resident but not ordinarily resident—RNOR—if that person was resident in India:
06 · FROM THE GUIDE
Category | What It Covers | Monetary Limit | Amount Payable
Category 1 | Undisclosed foreign asset or foreign income that was chargeable to tax in India but was not offered to tax | Aggregate value/income up to ₹1 crore | 30% tax.
07 · FROM THE GUIDE
A taxpayer has an undisclosed asset located outside India;
Foreign income chargeable to tax in India was not offered to tax; or
08 · FROM THE GUIDE
Tax at 30% of the value of the asset or foreign income; plus
An additional amount equal to the tax.
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