I'm a salaried employee, I've missed disclosing the RSU in foreign brokerage account as I filed ITR-1. These RSUs are already taxed in form-16.
I got a mail from incometax with subject - Action Required [ Name:PAN ]]: Revise your ITR for AY 2025-26 to report any foreign assets or income. The content of the mail was
This is a system-generated communication. Please do not reply to this e-mail.
Dear Name:PAN.
Data has been shared by the USA authorities showing that you held or earned foreign assets or income (e.g., bank accounts, interest, dividends, investments) during Calendar Year 2024. However, Schedule Foreign Assets was not included in your ITR for Assessment Year 2025-26. Please revise your ITR by 31st December to report these foreign assets or income.Please include any foreign assets or income held or earned during the year, to ensure that your return is complete and accurate.
As I missed the deadline to file the revised assessment, looks like my option now is ITR-U. But as the email mentions that data was shared by USA authorities and that foreign assets/income were omitted, Does this specific NUDGE email bar ITR‑U under section 139(8A)(d)?
Looks like FAST-DS exactly covers my situation, but suppose if I'm filing ITR-U, will I remain eligible for Category 2 immunity for the historical Schedule FA omission, and for Category 1 treatment of any foreign income already included in the ITR‑U?
Does a valid ITR‑U jeopardize FAST‑DS eligibility for the same income or asset?
CAclubindia
