FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026

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This discussion concerns an individual with an undisclosed ICBC bank account in China holding approximately ₹3.14 Lakhs. They have received a notification about the FAST DS 26 scheme, which requires a 60% tax payment for disclosure. The individual is seeking advice on whether to use the scheme or rely on the ₹20 Lakh immunity provided by the Black Money Act, especially given the difficulty in providing past bank statements and proof of source for the funds.

Nishkam Gupta

Nishkam Gupta (Querist)

29 September 2026 I have undisclosed account in ICBC bank China with around 21960 CNY since 2018 and currently it could be dormant. It was opened anticipating some potential business but not materialized due to COVID etc. However, now received SMS from IT system to utilize FAST DS26 scheme till Dec26. I have checked in compliance portal and see the account reflecting with balance of 21850 CNY and interest of around 110CNY for CY 2022 & 2023 ie total of around Rs 314,500. I have accepted the amounts in compliance portal. Now my query is should I utilize the FAST DS26 and pay Rs 189000 ie 60% of total balance as tax or will the Rs 20 lakh immunity protect me from 120% levy if I dont avail the scheme. I will have to consider the entire amount as income as the current account is dormant, i dont have any bank statements as of now and will not be able to show source etc as is very old and not sure if ICBC will share statements without reactivation of account etc. The deposits was by way of sale of samples I was carrying during that time. I have been resident all through. Please advise.

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

29 September 2026 The total balance of ~₹3.14L (21,960 CNY) falls significantly below the ₹20 Lakh threshold, giving statutory protection against penalties/prosecution under the Black Money Act. However, utilizing FAST DS 26 by paying 60% (~₹1.89L) provides absolute immunity and regularizes the account without needing past bank statements or proof of source. Choosing between the two depends on whether you prioritize avoiding the ₹1.89 Lakh tax outlay or securing immediate, hassle-free legal immunity.

Nishkam Gupta

Nishkam Gupta (Querist)

29 September 2026 Ok thanks Aashok ji. Is there any reference for discussion in delhi or gurgaon.

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

01 November 2026 Tax and Legal Chambers in DLF Cyber City / Gurgaon: Several boutique tax advisory firms specializing in cross-border taxation, foreign asset reporting, and compliance disclosures operate out of corporate hubs in Gurgaon (such as Cyber City and Sector 44) and New Delhi (such as Connaught Place and Nehru Place).

Direct Tax Professionals: Look for chartered accountant firms specializing in International Tax and Transfer Pricing or Senior Advocates specializing in Income Tax Appellate Tribunal (ITAT) and writ matters in Delhi.

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