CLAT GurukulSamudraManthan

Topic 186 · Answers

FAST-DS foreign asset disclosure window

All 10 answers, each with its Book 1 RATNA fact. Try the questions first

  1. Question 1Answer A

    FAST-DS opened on 16 August 2026; on what date does it close?

    • Correct answer: 31 December 2026
    • 31 March 2027
    • 16 November 2026
    • 30 September 2026

    Core Trigger: FAST-DS opened on 16 August 2026 and closes on 31 December 2026, after rules were notified on 14 August.From Book 1 RATNA, topic 186, point 1

  2. Question 2Answer D

    FAST-DS is a one-time window mainly for whom?

    • Foreign institutional investors
    • Non-resident companies
    • Large exporters
    • Correct answer: Small taxpayers with modest foreign assets

    Scheme Aim: A one-time window for small taxpayers to declare modest foreign assets, with immunity under the Black Money Act.From Book 1 RATNA, topic 186, point 2

  3. Question 3Answer B

    Which body notified the FAST-DS Rules, 2026?

    • CBIC
    • Correct answer: CBDT
    • SEBI
    • RBI

    Notifying Body: The CBDT, under the Department of Revenue, notified the FAST-DS Rules, 2026.From Book 1 RATNA, topic 186, point 3

  4. Question 4Answer A

    For Category 1, tax of 30% plus an equal amount makes what total rate?

    • Correct answer: 60%
    • 30%
    • 45%
    • 75%

    Category 1: For foreign income plus assets up to Rs 1 crore, tax is 30% plus an equal amount, 60% in all.From Book 1 RATNA, topic 186, point 4

  5. Question 5Answer C

    Category 2 foreign assets up to Rs 5 crore attract what flat fee?

    • Rs 5 lakh
    • Rs 50,000
    • Correct answer: Rs 1 lakh
    • Rs 10 lakh

    Category 2: Foreign assets up to Rs 5 crore from non-resident or already-taxed income attract a flat Rs 1 lakh fee.From Book 1 RATNA, topic 186, point 5

  6. Question 6Answer A

    Foreign assets under FAST-DS are valued as on which date?

    • Correct answer: 31 March 2026
    • 1 April 2026
    • 16 August 2026
    • 31 December 2025

    Process: Assets are valued as on 31 March 2026; declarations go in Form 1; proceeds of crime under PMLA are excluded.From Book 1 RATNA, topic 186, point 6

  7. Question 7Answer B

    Which authority receives FAST-DS declarations?

    • SEBI
    • Correct answer: Income Tax Department
    • Enforcement Directorate
    • RBI

    Authority: The Income Tax Department receives declarations and issues the Form 2 order.From Book 1 RATNA, topic 186, point 8

  8. Question 8Answer B

    On what date did the Black Money Act, 2015 receive assent?

    • 1 July 2015
    • Correct answer: 26 May 2015
    • 1 April 2016
    • 26 January 2015

    Founded: The Black Money Act, 2015 (Act 22 of 2015) received assent on 26 May 2015.From Book 1 RATNA, topic 186, point 9

  9. Question 9Answer D

    The July-September 2015 compliance window drew how many disclosures?

    • 340
    • 1,200
    • 2,150
    • Correct answer: 648

    Landmark: Its July-September 2015 compliance window drew 648 disclosures of foreign assets over Rs 4,000 crore.From Book 1 RATNA, topic 186, point 10

  10. Question 10Answer A

    Consider: 1. Article 110 makes a Finance Bill a Money Bill. 2. The Rajya Sabha can reject such a Bill outright. Which is/are correct?

    • Correct answer: Only 1
    • Only 2
    • Both 1 and 2
    • Neither

    Articles: Article 110 makes a Finance Bill a Money Bill; the Rajya Sabha can only recommend changes within 14 days.From Book 1 RATNA, topic 186, point 11

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