{"id":851,"date":"2026-03-03T06:14:20","date_gmt":"2026-03-03T06:14:20","guid":{"rendered":"https:\/\/www.nritaxservice.in\/blog\/?p=851"},"modified":"2026-09-30T12:16:17","modified_gmt":"2026-09-30T12:16:17","slug":"foreign-asset-amnesty-scheme-nri-applicability","status":"publish","type":"post","link":"https:\/\/www.nritaxservice.in\/blog\/2026\/03\/03\/foreign-asset-amnesty-scheme-nri-applicability\/","title":{"rendered":"Foreign Asset Amnesty Scheme Rules 2026 for returned NRIs, Small Business Owners, Students, Professionals, Retirement Accounts 401k etc \u2013 Eligibility, Tax Calculation &amp; Immunity from Black Money Act"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\"><strong>Background<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Under the prevailing law, there is a requirement of reporting foreign income and assets in the ITR by Resident tax payer. Under Black Money Act 2015 (for more read <a href=\"https:\/\/www.nritaxservice.in\/blog\/2024\/03\/05\/nris-black-money-act-implications\">https:\/\/www.nritaxservice.in\/blog\/2024\/03\/05\/nris-black-money-act-implications<\/a>), there are stringent penal provisions for non-compliance with such reporting. Many taxpayers had unknowingly defaulted with these reporting provisions. Income Tax Department has received the information of foreign assets from other countries tax department under information exchange treaty between two countries. On that basis, the deptt have identified the defaulters. Hence, these defaults have attracted enquiry proceedings in many cases and many others may be initiated in due course of time. Now, when taxpayer have come to know about these provisions they are duly reporting their foreign assets in the latest year ITRs and updating the recent year ITRs also. However, updating of ITR is not possible for more then 4 years. Hence, these small taxpayers were under radar of facing investigation proceedings for simple mistake. Most of these small taxpayers were in the category of Returned NRIs &amp; OCIs, Students who went abroad for studies, Employees who got RSUs\/ESOPS of foreign companies etc. Also, many of these are those who have reported some of their assets, however, missed reporting some of assets e.g. 401k (USA) or other retirement account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, in Budget 2026, on the basis of number of data available, Finance Ministry has proposed a very needed amnesty scheme for small taxpayers who have missed reporting their foreign income and assets in earlier year ITRs. The scheme is <strong>\u2018Foreign Assets of Small Taxpayers Disclosure Scheme 2026\u2019<\/strong> <strong>(FAST DS 2026)<\/strong>. This scheme will not only ease out the compliance process for the taxpayer but also provide immunity from penalty and prosecution proceedings. This scheme is a limited-time opportunity for assessees to disclose foreign assets or foreign income which they have not disclosed due to unawareness of the provisions. As we know, under the Indian taxation laws, non-disclosure of income or assets attracts heavy penalty and prosecution. Hence, this scheme is an opportunity to come out clean from such penalties and prosecution.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, under this scheme, vide Notification number 114\/2026 dtd Aug 14, 2026, CBDT has made this scheme effective and notified the rules named as Foreign Assets of Small Taxpayer &#8211; Disclosure Scheme Rules 2026, which will be effective from Aug 16, 2026 to Dec 31, 2026. Hence, any person who wish to file for amnesty under this scheme can declare his unreported foreign asset\/income during this period.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is \u2018Foreign Assets of Small Taxpayers Disclosure Scheme 2026\u2019(FAST DS 2026)?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">FAST DS 2026 is applicable to those eligible taxpayers who failed to disclose specified foreign income and assets in their ITR i.e. either not taxed or not reported in ITR. Union Budget 2026 has provided such taxpayers a one-time opportunity to disclose the same. The taxpayers can, upon the payment of tax or fee, get complete immunity from penalties and prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>When will this FAST DS 2026 Scheme Start?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">FAST DS Rules 2026 have been notified on Aug 14, 2026. As per rules, this scheme shall be in effect from Aug 16, 2026 and will continue till Dec 31, 2026.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who should be concerned and examine their status to file a declaration under FAST DS 2026?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Any person who is or was a resident in India in the relevant period and fulfils the conditions of this scheme can make a declaration. Any person who was a resident in India when such undisclosed foreign income accrued or when foreign asset was acquired, but is now a non-resident in India, can also make such declaration under FAST DS 2026. Following taxpayers must evaluate their eligibility and options to file declaration (Form 1) under this scheme: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>India Returned NRIs\/OCIs, who missed reporting their foreign assets\/income<\/li>\n\n\n\n<li>Employees who received ESOPs or RSUs listed in stock exchanges outside India and missed reporting of same in ITR.<\/li>\n\n\n\n<li>Students who went foreign country for higher studies and came back, and maintaning Foreign bank accounts which were not reported via ITR to tax authorities<\/li>\n\n\n\n<li>Personnel gone abroad on deputation and now came back, and missed reporting their foreign bank account or other asset in ITR<\/li>\n\n\n\n<li>Indian residents who have inherited foreign assets but failed to disclose that in ITR<\/li>\n\n\n\n<li>Returned NRIs\/OCIs, who have reported all their income and assets however missed reporting foreign retirement accounts<\/li>\n\n\n\n<li>Indians who opened bank account abroad (under LRS) and acquired foreign securities\/immovable property, but could not report in ITR in India as they were aware of it.<\/li>\n\n\n\n<li>Taxpayer who have received summon notices or investigation enquiry under Black Money Act 2015, however, assessment is not yet completed.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What kind of income or assets are to be disclosed under FAST DS 2026?<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Any foreign income or assets located outside India which has been missed from reporting<\/li>\n\n\n\n<li>Specified foreign assets acquired from foreign income when assessee was a non-resident<\/li>\n\n\n\n<li>Specified foreign assets acquired from income already offered to tax in India, which have not been reported in ITR<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is \u2018undisclosed foreign income\u2019?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Income from a source located outside India, which should have been taxed in India, but not offered to tax in India is \u2018undisclosed foreign income\u2019.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is \u2018undisclosed assets located outside India\u2019?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Any asset located outside India, held by the assessee as owner or beneficial owner,&nbsp; for which he is unable to offer any explanation regarding source of investment in such asset is \u2018undisclosed asset located outside India\u2019. Assets also include financial interest in any entity. Further, the value of such assets shall be determined as per the valuation rules given in the scheme, having regard to the nature of asset and relevant valuation date.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is the eligibility of the scheme? What is the monetary value of undisclosed foreign income or assets where this scheme will apply?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This scheme applies on following two cases<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>where the aggregate value of \u2018undisclosed foreign income\u2019 and\/or \u2018undisclosed assets located outside India\u2019 does not exceed Rs One Crore as on March 31, 2026, or<\/li>\n\n\n\n<li>where there is no undisclosed foreign income i.e. where foreign assets are acquired from income disclosed by assessee or when such assessee was non-resident, the value of such asset must not exceed Rs Five Crore as on March 31, 2026.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How much tax or fees assessee has to pay upon declaration of \u2018undisclosed assets located outside India\u2019 or \u2018undisclosed foreign income\u2019?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The assessee has to pay the aggregate of following<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>30% of the value of undisclosed foreign asset as on March 31, 2026<\/li>\n\n\n\n<li>30% of undisclosed foreign income<\/li>\n\n\n\n<li>100% of (a) + (b)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Effectively, the total amount payable by the assessee is 60% of aggregate value of undisclosed foreign assets and undisclosed foreign income. However, this window is subject matter of eligibility that total value of&nbsp; undisclosed foreign income and assets is less than Rs 1 Crores as on March 31, 2026.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How much amount assessee has to pay while declaring undisclosed foreign assets acquired from income offered to tax?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Where an assessee had acquired a foreign asset when he was a non-resident or from income already offered to tax in India, but failed to disclose such foreign assets in relevant ITRs, then he can pay a one-time fee of Rs One Lakh under this scheme. However, this window is subject matter of eligibility that total undisclosed foreign assets value is less than Rs 5 Crores as on March 31, 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Further, the fee of Rs 1 Lakh is payable only for one year and it will be deemed that disclosure of Foreign Assets have been duly made for all the years. In nutshell, only one fee of Rs 1 Lakh is to be paid for multiple years non-reporting of foreign assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Does the assessee need to make separate declarations in case of multiple undisclosed foreign assets or incomes?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">No. Assessee can make a single declaration in respect of multiple undisclosed foreign assets or foreign incomes. However, this is subject to the eligibility according to the monetary limits specified in the scheme.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is the process of payment of tax\/fee under this scheme ?<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Assessee has to make a declaration electronically in prescribed form (i.e. Form 1 under FAST DS Rules 2026) and verified in prescribed manner. Along with Form 1, assessee has to upload all the documents in support of Foreign assets\/income. Valuation report shall also be submitted where valuation is carried out e.g. in case of immovable property, jwellery, unquoted shares\/securities etc.<\/li>\n\n\n\n<li>This Form 1 shall be submitted electronically with the prescribed income tax authority, which shall be Principal Director General of Income Tax (Systems) or Director General of Income Tax (Systems).<\/li>\n\n\n\n<li>&nbsp;Once the electronic verification of eligibility and declaration has been done, the respective income tax authority shall inform the tax payer wrt amount payable in Form 2. This shall be informed by income-tax authority within one month from the end of month in which declaration in Form 1 is furnished.<\/li>\n\n\n\n<li>The amount so informed has to be paid by the declarant within a period of two months from the end of month in which order is received.<\/li>\n\n\n\n<li>Further, an extension of two months is permitted for making this payment.<\/li>\n\n\n\n<li>In case, the declarant is making the payment in extended period, then he has to additionally pay simple interest @1% for every month or part of month on the unpaid amount.<\/li>\n\n\n\n<li>On payment of the amount, assessee shall file intimation of same to the prescribed income tax authority (elecronically) in Form 3.<\/li>\n\n\n\n<li>Upon payment and intimation thereof, the income tax authority shall issue an order (in Form 4) certifying the payment under the scheme (electronically) and such order is conclusive to the matters stated therein.<\/li>\n\n\n\n<li>Post such order, the declarant is granted immunity from levy of tax, penalty and prosecution under the Black Money (Undisclosed Foreign Income And Assets) And Imposition of Tax Act, 2015 in respect of income or asset so declared.<\/li>\n\n\n\n<li>The whole process is electronically.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What happens in case the declaration filed by the assessee is found to be false or contains material misrepresentation?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In case the declaration filed by the assessee is found to contain material representation or there is suppression of facts, then such declaration is considered as void and accordingly, applicable laws apply on such assessee as if he has not filed any declaration.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-uagb-advanced-heading uagb-block-ec80bb2a\"><h2 class=\"uagb-heading-text\"><strong>How will the Fair Market Value (FMV) be calculated?<\/strong><\/h2><p class=\"uagb-desc-text\">In general, Fair Market Value shall be calculated as the higher of<br>(a) Cost of acquisition or<br>(b) Asset price which it will ordinarily fetch if it was sold in market as on valuation date (duly supported by valuer report from govt recognised valuer of respective country where asset is located). Where such valuation is not available, indexed cost of acquisition shall be considered FMV.&nbsp;<\/p><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Is there any situation in which this scheme shall not apply?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, this scheme is not applicable in following two situations<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Where income or assets are the proceeds of crime under Prevention of Money Laundering Act, 2002<\/li>\n\n\n\n<li>Where assessment proceedings under the Black Money Act have already been completed<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How can NRIs, OCIs, Seafarers, Other Non-Residents be benefitted from this scheme?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Many taxpayers, who were a Non-resident at some point of time and now returned back to India and settled in India. There is a big possibility that they have missed either completely or partly in reporting their foreign income or assets in their ITR in India. In such bonafide mistake cases, this scheme is a golden opportunity to get immunity from such defaults.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How To Deal With Emails Received From Income Tax Department Recently<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Recently, Income Tax Department has started sending emails to those taxpayers whose foreign assets information is appearing in their database (i.e. database created on the basis of information received from foreign countries under mutual exchange of information agreement). Deptt system with the help of AI tools etc reconcile this data with their ITRs and where it seems that there is a possible defaults of non-reporting of foreign assets\/income, they send email which is a recommendation to these taxpayers. Accordingly, taxpayers can choose to take appropriate action. In some case, there is a possibility that taxpayer is a non-resident since past many years, however, mistakenly ITR filed in India as resident. In some cases, there is a possibility of non-reporting of foreign assets\/income. Accordingly, needed action must be taken by the taxpayer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How 401K, any other retirement benefit account, can have a good connection in this scheme?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Many NRIs, OCIs, who were employed in USA and\/or other countries (e.g. UK, Canada, Singapore) and now have returned back to India. In many such cases, there are taxpayers who have otherwise reported their all foreign income and assets in India ITRs, however, due to their misunderstanding they missed reporting of income and assets of 401(k) or any other foreign retirement account in Indian ITR. For them also, this scheme can be explored and penal provisions under Black Money Act can be saved.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the Penal Provisions for undisclosed foreign income\/assets if this scheme is not opted?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In the Black Money Act 2015, there are provisions for penalty of Rs 10 Lakh per year for non-disclosure of foreign assets in ITR. Further, for undisclosed income there is a straight tax @30% and penalty 3 times of tax payable&#8230; <a href=\"https:\/\/www.nritaxservice.in\/blog\/2024\/03\/05\/nris-black-money-act-implications\/\">Read more Black Money Act Provisions <\/a>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>FAQs &nbsp;&#8211; Reporting Of Foreign Assets &nbsp;&#8211; Black Money Act Provisions &amp; Penalties for Non-reporting of Foreign Income \/ Assets<\/strong><\/h2>\n\n\n\n<style>\n\/* FAQ Section *\/\n.faq-section {\n    max-width: 950px;\n    margin: 30px auto;\n    font-family: Arial, Helvetica, sans-serif;\n}\n\n.faq-title {\n    text-align: center;\n    font-size: 32px;\n    font-weight: 700;\n    margin-bottom: 25px;\n    color: #1f2937;\n}\n\n.faq-item {\n    background: #ffffff;\n    border: 1px solid #e5e7eb;\n    border-radius: 10px;\n    margin-bottom: 15px;\n    overflow: hidden;\n    box-shadow: 0 3px 10px rgba(0, 0, 0, 0.05);\n}\n\n.faq-item summary {\n    position: relative;\n    cursor: pointer;\n    list-style: none;\n    padding: 20px 55px 20px 22px;\n    font-size: 18px;\n    font-weight: 600;\n    line-height: 1.5;\n    color: #111827;\n    background: #f9fafb;\n}\n\n.faq-item summary::-webkit-details-marker {\n    display: none;\n}\n\n.faq-item summary::after {\n    content: \"+\";\n    position: absolute;\n    right: 22px;\n    top: 50%;\n    transform: translateY(-50%);\n    font-size: 28px;\n    font-weight: 400;\n    color: #2563eb;\n}\n\n.faq-item[open] summary::after {\n    content: \"\u2212\";\n}\n\n.faq-answer {\n    padding: 20px 22px 22px;\n    font-size: 16px;\n    line-height: 1.8;\n    color: #4b5563;\n    background: #ffffff;\n    border-top: 1px solid #e5e7eb;\n}\n\n.faq-answer p {\n    margin: 0 0 12px;\n}\n\n.faq-answer p:last-child {\n    margin-bottom: 0;\n}\n\n.faq-label {\n    font-weight: 700;\n    color: #111827;\n    margin-bottom: 8px;\n    display: block;\n}\n\n\/* Mobile *\/\n@media (max-width: 767px) {\n    .faq-section {\n        padding: 0 15px;\n    }\n\n    .faq-title {\n        font-size: 26px;\n    }\n\n    .faq-item summary {\n        font-size: 16px;\n        padding: 17px 48px 17px 18px;\n    }\n\n    .faq-answer {\n        font-size: 15px;\n        line-height: 1.7;\n        padding: 17px 18px 20px;\n    }\n\n    .faq-item summary::after {\n        right: 17px;\n        font-size: 24px;\n    }\n}\n<\/style>\n\n<div class=\"faq-section\">\n\n    <h2 class=\"faq-title\">Frequently Asked Questions<\/h2>\n\n    <!-- FAQ 1 -->\n    <details class=\"faq-item\">\n        <summary>\n            I have returned back from USA 5 years back. I am duly reporting my foreign assets in India ITR. However, recently I noticed that I missed reporting of my Foreign Retirement Benefit Account in the India ITRs. What should I do now?\n        <\/summary>\n\n        <div class=\"faq-answer\">\n            <span class=\"faq-label\">Answer:<\/span>\n\n            <p>\n                As per ITR form requirement and Black Money Act 2015 provisions, all foreign assets and income need to be reported in the India ITR in case of a person who is Ordinary Resident in India.\n            <\/p>\n\n            <p>\n                Hence, in your case, you need to identify that in which year you have become Ordinary Resident in India. Your non-reporting for Non-resident and RNOR period will not attract any non-compliance provisions.\n            <\/p>\n\n            <p>\n                In relation to those years when you are Ordinary Resident, without any further delay, you may file an Updated ITR and report foreign income and assets.\n            <\/p>\n\n            <p>\n                Also, you can explore amnesty scheme i.e Foreign Asset Small Tax Payer \u2013 Disclosure Scheme 2026 (FAST \u2013 DS 2026) to get rid of the defaults.\n            <\/p>\n        <\/div>\n    <\/details>\n\n\n    <!-- FAQ 2 -->\n    <details class=\"faq-item\">\n        <summary>\n            I am a tax payer in India. I am a resident in India and staying in Chandigarh. 2 years back I have invested in an immovable property in Dubai UAE. What should I do?\n        <\/summary>\n\n        <div class=\"faq-answer\">\n            <span class=\"faq-label\">Answer:<\/span>\n\n            <p>\n                You must file an Updated ITR and declare foreign assets in your and wife ITR for respective years.\n            <\/p>\n\n            <p>\n                If there is any rental income from this property that also should be offered for taxation in the Updated ITR.\n            <\/p>\n        <\/div>\n    <\/details>\n\n\n    <!-- FAQ 3 -->\n    <details class=\"faq-item\">\n        <summary>\n            I am an Indian citizen and resident in India, staying in Bhubaneswar. Three years back, I inherited some shares listed on a foreign stock exchange from my father-in-law. I missed reporting these shares in my ITRs. Do they qualify as undisclosed foreign assets? Can I file a declaration under FAST-DS 2026?\n        <\/summary>\n\n        <div class=\"faq-answer\">\n            <span class=\"faq-label\">Answer:<\/span>\n\n            <p>\n                Assets located outside India are treated as foreign assets. Although the shares were inherited and were not purchased by you, once inherited, you became the owner of those foreign assets. Therefore, the applicable foreign asset reporting requirements need to be considered.\n            <\/p>\n\n            <p>\n                If you were required to report the shares in Schedule FA but failed to disclose them in your ITR, the shares may qualify as undisclosed foreign assets for the relevant years, subject to the applicable provisions and your residential status.\n            <\/p>\n\n            <p>\n                You should evaluate your eligibility for filing a declaration under the Foreign Assets of Small Taxpayers \u2013 Disclosure Scheme 2026 (FAST-DS 2026). The Scheme provides a one-time opportunity for eligible taxpayers to disclose certain undisclosed foreign assets and income, subject to the prescribed conditions and payment requirements.\n            <\/p>\n\n            <p>\n                Since eligibility depends on factors such as the year of acquisition, residential status, nature and value of the foreign shares, and previous ITR disclosures, you should review the complete facts before filing the declaration.\n            <\/p>\n        <\/div>\n    <\/details>\n\n\n    <!-- FAQ 4 -->\n    <details class=\"faq-item\">\n        <summary>\n            I have been maintaining a foreign bank account in London, UK, for the last 10 years. I was not aware that it had to be reported in my India ITR. I have started reporting it for the last 2 years. Does non-reporting in earlier years attract Black Money Act provisions? Should I opt for FAST-DS?\n        <\/summary>\n\n        <div class=\"faq-answer\">\n            <span class=\"faq-label\">Answer:<\/span>\n\n            <p>\n                Yes. Non-reporting of a foreign bank account in the FA Schedule of the ITR may attract provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, for the relevant years in which the foreign asset was not disclosed, subject to the applicable provisions.\n            <\/p>\n\n            <p>\n                Since you have already started reporting the foreign bank account for the last two years, you should review the earlier years separately and evaluate whether you are eligible to file Form 1 declaration under the FAST-DS Rules 2026.\n            <\/p>\n        <\/div>\n    <\/details>\n\n\n    <!-- FAQ 5 -->\n    <details class=\"faq-item\">\n        <summary>\n            I have some RSUs\/ESOPs holding for the last 6 years, listed outside India. I have duly paid taxes on the perquisites, but I have not reported them in the FA Schedule of my ITR. What should I do?\n        <\/summary>\n\n        <div class=\"faq-answer\">\n            <span class=\"faq-label\">Answer:<\/span>\n\n            <p>\n                Payment of tax on the perquisites does not by itself eliminate the foreign asset reporting requirement. If the RSUs\/ESOPs constitute foreign assets that were required to be disclosed in the FA Schedule, non-reporting may result in a compliance default.\n            <\/p>\n\n            <p>\n                The Government of India has specifically referred to certain foreign asset reporting defaults while announcing the FAST-DS scheme. Therefore, this may be a suitable case to evaluate filing a declaration under the FAST-DS Rules 2026.\n            <\/p>\n\n            <p>\n                You should review the nature of the RSUs\/ESOPs, the relevant years, your residential status and previous ITR disclosures before filing the declaration.\n            <\/p>\n        <\/div>\n    <\/details>\n\n\n    <!-- FAQ 6 -->\n    <details class=\"faq-item\">\n        <summary>\n            I have received a notice from the Tax Authorities. Can I opt for the FAST-DS scheme?\n        <\/summary>\n\n        <div class=\"faq-answer\">\n            <span class=\"faq-label\">Answer:<\/span>\n\n            <p>\n                Yes. The FAST-DS Rules 2026 specifically provide for situations where assessment proceedings under the Income-tax Act or proceedings under the Black Money Act are pending.\n            <\/p>\n\n            <p>\n                In such cases, an eligible taxpayer may file a declaration under the FAST-DS scheme, subject to the conditions prescribed under the Rules. The Income Tax Authority may take the FAST-DS declaration into consideration while finalising the assessment or proceeding that is pending.\n            <\/p>\n\n            <p>\n                If you have received a notice, you should carefully review the nature and status of the proceeding before filing the declaration and ensure that the FAST-DS eligibility conditions are satisfied.\n            <\/p>\n        <\/div>\n    <\/details>\n\n\n    <!-- FAQ 7 -->\n    <details class=\"faq-item\">\n        <summary>\n            Eight years ago, I moved back to India from Singapore. I have maintained ROR status for the last 6 years. I have some foreign investments that I made while employed in Singapore. I missed reporting these in my ITRs in India. Also, I earned some income from these investments which was not offered for tax in past years. Recently, I received an email from the Income Tax Department suggesting I file a declaration under the Amnesty Scheme (FAST). What options do I have? Also, how can I file declaration under the recently announced Amnesty Scheme while sitting in my hometown in Pune?\n        <\/summary>\n\n        <div class=\"faq-answer\">\n            <span class=\"faq-label\">Answer:<\/span>\n\n            <p>\n                The FAST-DS 2026 Amnesty Scheme may be a suitable option for you. However, you need to analyse your facts and value your unreported foreign assets and undisclosed foreign income as on March 31, 2026, as per the FAST-DS Rules 2026.\n            <\/p>\n\n            <p>\n                If the value falls within the limits provided under the FAST scheme, i.e. Rs. 1 Crore for undisclosed income\/assets and Rs. 5 Crore for unreported foreign assets, you may have a case for filing a declaration through Form 1 under the scheme, subject to the applicable eligibility conditions.\n            <\/p>\n\n            <p>\n                Since you have maintained ROR status for the last 6 years, your foreign investments and income from those investments should be reviewed for the relevant assessment years to determine the applicable reporting and tax obligations.\n            <\/p>\n\n            <p>\n                You can file the declaration from anywhere, including your hometown in Pune, as the assessment process under the FAST-DS scheme is conducted online. However, you should take guidance from a qualified tax professional before filing Form 1 to ensure that your eligibility, asset valuation, undisclosed income and previous ITR disclosures are correctly reviewed.\n            <\/p>\n        <\/div>\n    <\/details>\n\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>NRI Tax, RBI Laws Services \u2013 Various Topics \u2013 By NRI Tax Service Team Team<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.nritaxservice.in\/blog\/2024\/03\/05\/nris-black-money-act-implications\/\"><strong>Non Reporting of Foreign Income And\/Or Assets In India ITR \u2013 Black Money Act Impact On NRIs<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.nritaxservice.in\/non-resident-tax-notices-section-148a-148-147-131-appeal\/\"><strong>Non-Resident Individuals \u2013 How To Handle Income Tax Assessment Litigation &amp; Appeal Services \u2013 All Major Cities In India<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.nritaxservice.in\/india-income-tax\/remittance-of-money-by-nris-ocis-pios\/\"><strong>Remittance\/Repatriation of Funds Outside India &#8211; 145 146 Services \u2013 Across PAN India Services<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.nritaxservice.in\/india-income-tax\/nri-property-sale-lower-tds-certificate\/\"><strong>Immovable Property Sale and Form 128 For Lower TDS Certificate For NRIs &#8211; Services Needed In Delhi, Mumbai, Bangalore, Hyderabad, Kolkata, Other Cities<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.nritaxservice.in\/blog\/2025\/11\/04\/nri-foreign-salary-taxability-in-india\/\"><strong>Whether Foreign Income Of Non Resident Is Taxable In India If Received In India<\/strong><\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Background Under the prevailing law, there is a requirement of reporting foreign income and assets in the ITR by Resident tax payer. Under Black Money Act 2015 (for more read https:\/\/www.nritaxservice.in\/blog\/2024\/03\/05\/nris-black-money-act-implications), there are stringent penal provisions for non-compliance with such reporting. Many taxpayers had unknowingly defaulted with these reporting provisions. Income Tax Department has received &#8230; <a title=\"Foreign Asset Amnesty Scheme Rules 2026 for returned NRIs, Small Business Owners, Students, Professionals, Retirement Accounts 401k etc \u2013 Eligibility, Tax Calculation &amp; Immunity from Black Money Act\" class=\"read-more\" href=\"https:\/\/www.nritaxservice.in\/blog\/2026\/03\/03\/foreign-asset-amnesty-scheme-nri-applicability\/\" aria-label=\"Read more about Foreign Asset Amnesty Scheme Rules 2026 for returned NRIs, Small Business Owners, Students, Professionals, Retirement Accounts 401k etc \u2013 Eligibility, Tax Calculation &amp; Immunity from Black Money Act\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[1],"tags":[68,66,67,28,70,21,10,7,69],"class_list":["post-851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nri-tax-service","tag-black-money-act-compliance","tag-foreign-asset-amnesty-scheme-2026","tag-nri-foreign-asset-disclosure","tag-nri-income-tax-rules","tag-nri-tax-advisory-services","tag-best-nri-tax-service-company-in-delhi","tag-nri-tax-services","tag-tax-saving-tips","tag-undisclosed-foreign-income-india"],"uagb_featured_image_src":{"full":["https:\/\/www.nritaxservice.in\/blog\/wp-content\/uploads\/2026\/03\/Foreign-Asset-Amnesty-Scheme-2026-for-NRIs.png",1600,896,false],"thumbnail":["https:\/\/www.nritaxservice.in\/blog\/wp-content\/uploads\/2026\/03\/Foreign-Asset-Amnesty-Scheme-2026-for-NRIs-150x150.png",150,150,true],"medium":["https:\/\/www.nritaxservice.in\/blog\/wp-content\/uploads\/2026\/03\/Foreign-Asset-Amnesty-Scheme-2026-for-NRIs-300x168.png",300,168,true],"medium_large":["https:\/\/www.nritaxservice.in\/blog\/wp-content\/uploads\/2026\/03\/Foreign-Asset-Amnesty-Scheme-2026-for-NRIs-768x430.png",768,430,true],"large":["https:\/\/www.nritaxservice.in\/blog\/wp-content\/uploads\/2026\/03\/Foreign-Asset-Amnesty-Scheme-2026-for-NRIs-1024x573.png",1024,573,true],"1536x1536":["https:\/\/www.nritaxservice.in\/blog\/wp-content\/uploads\/2026\/03\/Foreign-Asset-Amnesty-Scheme-2026-for-NRIs-1536x860.png",1536,860,true],"2048x2048":["https:\/\/www.nritaxservice.in\/blog\/wp-content\/uploads\/2026\/03\/Foreign-Asset-Amnesty-Scheme-2026-for-NRIs.png",1600,896,false]},"uagb_author_info":{"display_name":"NRI Tax Service","author_link":"https:\/\/www.nritaxservice.in\/blog\/author\/admin\/"},"uagb_comment_info":2,"uagb_excerpt":"Background Under the prevailing law, there is a requirement of reporting foreign income and assets in the ITR by Resident tax payer. Under Black Money Act 2015 (for more read https:\/\/www.nritaxservice.in\/blog\/2024\/03\/05\/nris-black-money-act-implications), there are stringent penal provisions for non-compliance with such reporting. Many taxpayers had unknowingly defaulted with these reporting provisions. Income Tax Department has received&hellip;","_links":{"self":[{"href":"https:\/\/www.nritaxservice.in\/blog\/wp-json\/wp\/v2\/posts\/851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nritaxservice.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nritaxservice.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nritaxservice.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nritaxservice.in\/blog\/wp-json\/wp\/v2\/comments?post=851"}],"version-history":[{"count":37,"href":"https:\/\/www.nritaxservice.in\/blog\/wp-json\/wp\/v2\/posts\/851\/revisions"}],"predecessor-version":[{"id":1032,"href":"https:\/\/www.nritaxservice.in\/blog\/wp-json\/wp\/v2\/posts\/851\/revisions\/1032"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nritaxservice.in\/blog\/wp-json\/wp\/v2\/media\/863"}],"wp:attachment":[{"href":"https:\/\/www.nritaxservice.in\/blog\/wp-json\/wp\/v2\/media?parent=851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nritaxservice.in\/blog\/wp-json\/wp\/v2\/categories?post=851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nritaxservice.in\/blog\/wp-json\/wp\/v2\/tags?post=851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}