Hello everyone,
The client has received RSU Shares for FY 23-24 and received dividend of Rs 35,000 but not declared either of them in ITR and filed ITR 1
From FY 24-25 and FY 25-26 he started reporting under Schedule FA and paying tax on dividend.
Now received mail under FAST DS 2026 Scheme
Do he need to pay 1 lakh penalty for non reporting under Schedule FA and 60% tax on non reporting of Foreign income?
The client may not automatically be subjected to the maximum penal rates if they establish bona fide intent, given that subsequent years' foreign assets and income were duly disclosed. Reviewing the exact section cited in the FAST DS 2026 notice is essential to determine if the ₹1 lakh penalty and tax demands are mandatory under the scheme's terms or open to representation.
S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
