I have received SMS from IT system that they have info on foreign asset held by me and should avail the FAST DS 26 scheme. I had opened an account in ICBC Bank in China during a visit in 2018 with intent of doing some business but due to Covid I did not visit again and by now the account would have become dormant. It has a balance of around INR 3.14 lakhs including interest of around INR 1283 in 2 years CY 2022 & 2023 as per info on Compliance Section in IT portal. Given the proviso of no prosecution and penalty under Section 43 of BMA for Foreign Asset under INR 20lakh, can I exempt myself from submitting Form 1 in FAST DS scheme. Can I simply report the foreign asset and its interest income by filing ITR U for AY 2023-24, 2024-25, 2025-26 & 2026-27. Will it levy any penalties? I am trying to get bank statements from the Chinese bank which might be difficult given the acount would be dormant. FAST DS would imply INR 1.8 lakh fee.
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FAST DS Scheme 26
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You do not need to submit Form 1 under the FAST DS scheme or pay ₹1.8 Lakhs. Because your ICBC account balance (~₹3.14 Lakhs) is under the ₹20 Lakh threshold, the proviso to Section 43 of the Black Money Act exempts you from the ₹10 Lakh non-disclosure penalty. You can regularize the non-disclosure by filing ITR-U under Section 139(8A) for applicable Assessment Years to report the ₹1,283 interest and fill Schedule FA, followed by updating your status on the IT Compliance Portal.
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