r/IncomeTaxReturnIndia

▲ 4 r/IncomeTaxReturnIndia+1 crossposts

RSUs not declared for past 2 years. ITR Not filed for this year yet.

I got my RSUs first in Sept 2023 and since then for FY 23-24, 24-25, these are not declared. My CA has told me that it is not needed as no withdrawals were made and has applied for ITR-1 for the last two years. For FY 24-25, the total stocks were above 20L. I made some withdrawals in FY 25-26 and wanted to apply ITR-2 this time. My CA said he'll apply and ghosted me.

After going through the reddit, found out that last two ITRs also need to updated with schedule FA along with the current one. But my CA has also applied deductions via old regime via Sec 10(14)(i), Sec 10(13A), 80DD, 80EEB etc. which might be fradulent (found out after going through this sub). I haven't received any notice so far. I plan to apply this year's ITR FY 25-26 fully compliant. Now, do I have to completely update these too along with schedule FA or leaving them as is is ok? And do I have to do anything other than updating Schedule FA? Please do recommend any CAs who can fix this for me and how much should I expect it to cost?

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u/SuspiciousSource123 — 11 days ago

Got a notice for last year FY25, submitted all documents and AO seen the response on 13th Aug. There is no next action on that. When can I expect my Final Order considered all went normal?

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u/samanyajeevi — 12 days ago
▲ 5 r/IncomeTaxReturnIndia+1 crossposts

Should I pay the ₹1L FAST-DS fee, or does the ₹20L BMA penalty exemption apply retrospectively to past years(2022FY, 2023FY AND 2024FY)?

I'm trying to figure out if I need to opt into the new FAST-DS 2026 scheme or if I am already legally protected.

My situation: I previously held foreign fractional shares and brokerage accounts (funded via LRS) but missed reporting them in Schedule FA for past assessment years (FY 2022-23 and FY 2023-24). My aggregate asset value was always well under ₹20 lakhs. I completely sold prior to October 2024. I plan to file an FAST DS for relized profit and dividend.

The dilemma: Finance (No. 2) Act, 2024 amended Sections 42 and 43 of the Black Money Act, granting penalty exemption for foreign movable assets under ₹20 lakhs, but it states "with effect from October 1, 2024."

Since FAST-DS offers a flat ₹1 lakh fee to regularize these exact Schedule FA omissions (Category B):

  1. Can I rely on the ₹20L BMA amendment to protect me from the ₹10 lakh penalty for those older years such as 2022 FY,2023 FY and 2024FY(even though I sold before Oct 2024)?
  2. Are there any ITAT rulings or CBDT circulars that confirm retrospective relief, or is paying the ₹1 lakh FAST-DS fee the only guaranteed way to buy immunity?
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u/CarelessWinter3547 — 14 days ago