INCOME TAX14 Sept 2026
Foreign assets disclosure scheme 2026: What taxpayers with unreported overseas crypto should know | Mint
The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS) is live since 16 August 2026. It lets eligible taxpayers disclose undisclosed foreign assets and income. Unreported overseas crypto counts as 'any other asset', but only if held outside India. Trading gains and staking rewards are reported separately as foreign income. You value holdings as on 31 March 2026, then file Form 1 online.
Key Statutory Highlights
- FAST-DS 2026 came into force on 16 August 2026 and lets eligible taxpayers disclose undisclosed foreign assets, foreign income or undeclared foreign assets by paying the specified tax or fee.
- Unreported overseas crypto has to be reported under 'Any other asset', and coins, tokens, stablecoins and NFTs all fall under the same category and are valued and taxed alike.
- Crypto held with an Indian exchange or an Indian-regulated wallet provider is ordinarily a domestic holding and falls outside the FAST-DS scheme.
Actionable Advice for Taxpayers / Founders:If you hold unreported crypto on a foreign exchange, work out its value as on 31 March 2026 and check with a chartered accountant whether you meet the scheme's conditions before filing Form 1.
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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