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Jul 19, 2025
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ITR Filing: Non-disclosure of foreign income, US stocks can lead to tax trouble
The due date for filing of income tax return, originally due on July 31, 2025, has been extended to September 15, 2025. If you have investments in US stocks and have not filed the ITR yet, you need to hurry up.
Taxpayers with overseas assets and foreign income have to be extra cautious while filing their ITRs. From choosing the right ITR form for filing foreign income to filing the Schedule FA and Schedule CG, to filing Form 67, taxpayers cannot afford to miss out on any disclosures while reporting foreign assets and income to the tax authorities.
Under the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA), India receives detailed information about financial accounts held by its residents in foreign jurisdictions. This includes the account holder’s name, address, and tax identification number (TIN), bank account number and balance, including income details such as interest, dividends, and other financial proceeds.
So, don’t even think the I-T department doesn’t know your global assets. The Income Tax Department knows the global income of its resident taxpayers and FATCA details help them to identify taxpayers who may not have disclosed their foreign assets and income.
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