New Delhi, Sept. 1 -- The Income Tax Department has made Form 1 under FAST-DS 2026 available on the e-filing portal, allowing eligible taxpayers to voluntarily disclose foreign assets and income before the 31 December 2026 deadline.

The Income Tax Department, in a post on X, noted that "Form 1 under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) is now available for filing on the e-filing portal".

FAST-DS 2026 is a one-time voluntary disclosure scheme that came into force on 16 August 2026. It allows taxpayers to declare certain undisclosed foreign assets and income, as well as foreign assets that were not reported in their income tax returns.

Here is what taxpayers need to know about Form 1 and the scheme...