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FAST-DS Scheme - Foreign Assets

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This query is : Resolved

Omkar Tilve (Querist)

28 September 2026 Client got e-mail and text message from Income Tax Department regarding information of Foreign Assets. Client had RSU, dividend received on those shares and capital gain, which we have declared in last 2 IT Returns. Client also holds bank account in which there are no transactions. Little transaction were with respect to pin money that was transferred for home maintenance. Bank account was not declared.
Do we still have to fill and declare it in FSAT-DS

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

28 September 2026 The foreign bank account must be declared in the FSAT-DS / Compliance Portal response. While the client fully declared RSU income, dividends, and capital gains in their ITRs, failure to report the foreign bank account itself in Schedule FA is a compliance defect under the Black Money Act. You should acknowledge the account on the portal, provide its details, clarify that all related income was already taxed, and revise the relevant ITR if the filing window under Section 139(5) is still open.

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