Missed Schedule FA? Your options
Leaving foreign shares out of Schedule FA is one of the most common mistakes Indian tech employees make. There are two ways to fix it, and both have a 31 December 2026 deadline.
Why it matters
Schedule FA is required for every resident and ordinarily resident taxpayer who held a foreign asset at any time in the calendar year, regardless of amount. Failing to disclose foreign assets is dealt with under the Black Money Act, 2015, which can impose a penalty of ₹10 lakh for each year of non-disclosure. Since 1 October 2024, that penalty does not apply where the total value of the undisclosed foreign assets other than immovable property is ₹20 lakh or less, but the disclosure itself is still required.
Option 1: revise your FY 2025-26 return
If you filed your return for FY 2025-26 (AY 2026-27) without Schedule FA, you can file a revised return until 31 December 2026. Switch to ITR-2 (or ITR-3) if you used ITR-1, add Schedule FA for calendar year 2025, and include any foreign dividends and capital gains you left out. There is no fee for revising, though any extra tax due must be paid with interest.
This fixes FY 2025-26 only. Earlier years can no longer be revised.
Option 2: FAST-DS 2026 for earlier years
If you missed Schedule FA in earlier years too, the FAST-DS 2026 scheme lets you declare the assets once and receive immunity under the Black Money Act. Where the shares came from income already taxed in India, as RSUs and ESPP usually do, the amount payable is a flat ₹1 lakh, for assets worth up to ₹5 crore in total. Declarations close on 31 December 2026.
Which one?
| Your situation | Usually |
|---|---|
| Missed only FY 2025-26 | Revised return |
| Missed several years, income already taxed | FAST-DS Category 2 for the past, plus Schedule FA from now on |
| Foreign income that was never taxed in India | Speak to a CA; FAST-DS Category 1 costs about 60% of the value |
This is general information, not advice for your case. A chartered accountant can confirm which route fits.
Either way, get the numbers right
Both routes need the same lot history: vest and purchase dates, costs, sales and dividends. For the revised return you also need peak and closing values for 2025 at SBI rates. FA Ready works these out from your broker exports.