What is FAST-DS?
FAST-DS (Foreign Assets of Small Taxpayers Disclosure Scheme) is a one-time disclosure mechanism for eligible taxpayers to disclose certain foreign assets or foreign income that were not appropriately disclosed in their earlier income tax returns, subject to the conditions and limits prescribed under the scheme.
Who can opt for FAST-DS?
The scheme may be applicable to eligible Residents, and certain NRIs or RNORs who were residents of India during the relevant financial year, subject to the prescribed conditions, limits and exclusions.
I received RSUs/ESOPs/ESPPs from my foreign employer but did not disclose them in my ITR. Can FAST-DS apply to me?
FAST-DS may be relevant where foreign shares or other eligible foreign assets were not appropriately disclosed. Your eligibility needs to be assessed based on the acquisition, disclosure , fair market value of shares and residential-status details.
How is the value of a foreign asset determined for FAST-DS?
The valuation approach depends on the nature of the foreign asset. For example, quoted securities, bank accounts and immovable properties may require different valuation approaches. EZTax provides guidance on the applicable approach based on the asset details and documents provided by the client.
Can I file FAST-DS if I have already disclosed the foreign asset in my recent ITR?
The answer depends on whether the asset was appropriately disclosed for the relevant period and whether any earlier non-disclosure remains to be addressed. The previous ITRs and foreign asset details should be reviewed before deciding the appropriate compliance route.
Does FAST-DS replace filing an ITR?
No. FAST-DS and regular income tax return filing are separate compliance requirements. Whether an ITR is required and what disclosures need to be made in the ITR should be considered separately based on the taxpayer's circumstances.