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Schedule FA clarification

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Anonymous

Software Engineer

37 Points Posted on 20 November 2024

I declared my Foreign Stocks in the Table D in the Schedule FA. I have declared each transaction happened in the Financial Year in the Table D. I did not declare Stock Broker account details in the Table A2 (I was not aware of this). I have filed my ITR in this way for last 4 years. All the ITRs are processed. I did not receive any notice from the Income Tax Department for Schedule FA.

Should I file ITR-U/rectification to declare stocks in the table A2 and A3 for previous years?

I checked with few CAs. They asked me not to file ITR-U/rectification. Since transactions are already declared.

Replies (1)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9620 Points Posted on 20 November 2024

here are some general insights: -

Since you've already declared the foreign stock transactions in Table D of Schedule FA, you've complied with the basic requirement. - The omission of stock broker account details in Table A2 might be considered a minor oversight, especially if you've consistently filed your ITRs without any issues. -

Filing ITR-U or rectification might not be necessary, as the transactions are already declared, and you haven't received any notices from the Income Tax Department.

However, to be on the safe side, consider the following options:

1. Consult a tax professional or chartered accountant to review your case and provide personalized advice.

2. If advised, file ITR-U or rectification to declare the stock broker account details in Table A2 and A3 for previous years.

3. Ensure you maintain accurate records and documentation for future reference.