Income Tax Dept Flags Undisclosed Foreign Assets, Urges Revised ITR Filing by Dec 31, 2025:

Income Tax Dept Flags Undisclosed Foreign Assets, Urges Revised ITR Filing by Dec 31, 2025

The Income Tax Department issues intimations to salaried taxpayers for non-disclosure of foreign assets or income, urging them to file revised ITRs for AY 2025-26 by Dec 31.

IT Dept Warns Salaried Taxpayers on Undisclosed Foreign Assets in ITRs

authorSaloni KumaridateDec 18, 2025
Last update on Dec 18, 2025
Income Tax Dept Flags Undisclosed Foreign Assets, Urges Revised ITR Filing by Dec 31, 2025 The Income Tax Department is sharing intimations/notices to some selected categories of taxpayers, particularly to salaried individuals who have received shares/RSUs/ESOPs from MNC employers (including bonus shares) and also to individuals who maintain bank accounts in foreign countries.
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The tax department is informing these individuals that they have received data from the foreign jurisdiction(s) demonstrating that they held or earned foreign assets or income, for instance, bank accounts, interest, dividends, investments, etc., during the Calendar Year 2024. These categories of individuals have not disclosed the said foreign assets in ITRs (Income Tax Returns). In these types of cases, where foreign assets are not disclosed in ITRs, Schedule FA is not filled, and filing a revised return is the only solution to this problem.
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The tax department is urging such taxpayers to file a revised return for the Assessment Year 2025-26 (Financial Year 2024-25) by December 31, 2025, to disclose any foreign assets or income held or earned during the relevant AY. The return will be categorised as incomplete until these details are updated in the return. These are the reminder notices; if individuals still miss the deadline for filing a revised return, then they will be liable for possible legal actions or consequences, like massive penalties. Here are the detailed steps to file a revised ITR:
  • Step 1. Visit the official website of Income Tax at www.incometax.gov.in.
  • Step 2. On the homepage, go to e-File.
  • Step 3. Select "Income Tax Return."
  • Step 4. Select "File Income Tax Return."
  • Step 5. Now select the relevant assessment year, i.e., Assessment Year 2025-26.
  • Step 6. Thereafter, click on "Start new filing."
  • Step 7. Select the applicable status (Individual/HUF/Others).
  • Step 8. Select the appropriate ITR Form type (other than ITR 1 or ITR 4).
Salaried taxpayers with overseas equity/RSUs/foreign bank accounts are advised to check if they fall under this category and file a revised return, if applicable.

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Saloni Kumari

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Saloni is a Content Writer with 2+ years of experience at studycafe.in. She writes legal, taxation, and finance related content including GST, Income Tax etc. Skilled in translating complex judicial pronouncements and regulatory developments into clear, and reader-friendly articles. Experienced in covering judgements of ITAT, High Court, GSTAT, and news related to Income Tax, GST, and corporate law. She can be reached at [email protected].
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