Missed filing Foreign Asset in ITR? Here’s Why You Should Revise It Before December 31, 2025
Made a mistake in your tax return? Didn’t report foreign income or assets? You can still correct it by filing a revised return before the deadline.
If you made any mistakes in your return, such as missing information or incorrect details, the Income Tax Department allows you fix them by filing a revised return before the deadline.
For the financial year 2024-25 (AY 2025-26), the last date to revise your income tax return is December 31, 2025. If your accounts do not require an audit, the original deadline to file the ITR was September 16, 2025.
How Revising Return Will Help?
The Income Tax Department shared a document in which the department mentioned that filing a revised return will:
- It will ensure correct and complete disclosure of all foreign assets and income.
- You will not need to pay any penalties and legal consequences for non-disclosure.
- You can claim any tax benefits you are allowed under Indian tax rules and under tax agreements India has with other countries (DTAA).
Further, the department added that filing a revised return to disclose foreign assets is a positive step to follow the tax rules properly.
Why is it necessary?
Taxpayers should disclose their foreign assets and income in the Income Tax Return (ITR), as per the Income Tax Act, 1961. It requires residents to reveal their foreign assets and income in their Income Tax Returns (ITR).
In your income tax return (ITR), there are different schedules for reporting foreign-related information:
- Schedule FA (Foreign Assets) is used to give details of any assets you own outside India, such as foreign bank accounts, shares, property, etc.
- Schedule FSI (Foreign Source Income) is used to report any income you earn from outside India, such as salary, interest, rent, or capital gains from abroad.
- Schedule TR (Tax Relief) is where you can mention the tax relief you want to claim in India for taxes you have already paid in another country.