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Topic 186 · Economy, Budget & Banking

FAST-DS foreign asset disclosure window

10 MCQs · tap an option to check it · All answers

Revise the 12 points first Book 1 RATNA

Core Trigger: FAST-DS opened on 16 August 2026 and closes on 31 December 2026, after rules were notified on 14 August.
Scheme Aim: A one-time window for small taxpayers to declare modest foreign assets, with immunity under the Black Money Act.
Notifying Body: The CBDT, under the Department of Revenue, notified the FAST-DS Rules, 2026.
Category 1: For foreign income plus assets up to Rs 1 crore, tax is 30% plus an equal amount, 60% in all.
Category 2: Foreign assets up to Rs 5 crore from non-resident or already-taxed income attract a flat Rs 1 lakh fee.
Process: Assets are valued as on 31 March 2026; declarations go in Form 1; proceeds of crime under PMLA are excluded.
India Link: Announced in the 1 February 2026 Budget, it sits in Chapter IV of the Finance Act, 2026.
Authority: The Income Tax Department receives declarations and issues the Form 2 order.
Founded: The Black Money Act, 2015 (Act 22 of 2015) received assent on 26 May 2015.
Landmark: Its July-September 2015 compliance window drew 648 disclosures of foreign assets over Rs 4,000 crore.
Articles: Article 110 makes a Finance Bill a Money Bill; the Rajya Sabha can only recommend changes within 14 days.
Doctrine: A voluntary disclosure scheme trades a fixed tax or fee for immunity from prosecution.

Question 1 of 10

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

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Answer: (A) 31 December 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

Question 2 of 10

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

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Answer: (D) 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

Question 3 of 10

Which body notified the FAST-DS Rules, 2026?

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Answer: (B) CBDT

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

Question 4 of 10

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

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Answer: (A) 60%

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

Question 5 of 10

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

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Answer: (C) Rs 1 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

Question 6 of 10

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

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Answer: (A) 31 March 2026

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

Question 7 of 10

Which authority receives FAST-DS declarations?

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Answer: (B) Income Tax Department

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

Question 8 of 10

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

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Answer: (B) 26 May 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

Question 9 of 10

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

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Answer: (D) 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

Question 10 of 10

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?

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Answer: (A) Only 1

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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