INCOME TAX28 Sept 2026
Disclosing foreign assets or income under FAST-DS 2026 is just the first step: Here's how to pay tax | Mint
FAST-DS 2026 — the Foreign Assets of Small Taxpayers Disclosure Scheme — lets eligible taxpayers disclose previously undisclosed foreign assets or income until 31 December 2026. After the Income-tax Authority issues Form 2 fixing the amount payable, pay it using challan ITNS 289 on the e-Filing portal. Keep Form 2, your PAN and a net banking, card or UPI payment option handy.
Key Statutory Highlights
- FAST-DS 2026 came into effect on 16 August 2026 and stays open for declarations until 31 December 2026.
- You file Form 1 to declare undisclosed foreign assets, foreign income or certain undeclared foreign assets, and the Income-tax Authority then issues Form 2 stating the amount payable.
- ITNS 289 is the separate challan for paying that amount, and the e-Filing portal selects the minor head automatically based on your PAN category.
Actionable Advice for Taxpayers / Founders:If you intend to disclose under FAST-DS 2026, keep your Form 2 order, valid PAN and a payment facility ready before starting the ITNS 289 payment, and consider confirming your position with a tax professional.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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