Tax returns for NRIs, foreign assets and ESOPs

Who we help

• Residents holding foreign shares, RSUs or ESOPs from a foreign employer, or foreign bank accounts
• Non-residents with rent, interest or capital gains in India, including property sales
• Employees of startups exercising or selling ESOPs
• Anyone who has received a notice, intimation or demand from the Income Tax Department

Where returns go wrong

• Schedule FA left blank. A resident must report foreign assets, including unvested RSUs held in a foreign account, for the calendar year. Non-disclosure can attract a ₹10 lakh penalty under the Black Money Act.
• Foreign tax credit lost. Credit for tax paid abroad needs Form 67 filed on or before the return.
• ESOPs taxed twice or not at all. The perquisite is taxed on exercise; the gain on sale is taxed again from the exercise-date value.
• NRI property sales. The buyer must deduct tax at source at non-resident rates. A lower deduction certificate obtained before the sale can avoid a large refund wait.

Dates for FY 2025-26

The 31 July 2026 date for non-audit individuals has passed. A belated or revised return for FY 2025-26 can still be filed until 31 December 2026, with a late fee for belated returns. After that, an updated return may be possible within 48 months, with additional tax.

Income earned from 1 April 2026 falls under the Income-tax Act, 2025. Returns for FY 2025-26 are still filed under the Income-tax Act, 1961.

Notice replies

We handle intimations and demands, defective-return notices, mismatch notices and scrutiny and reassessment proceedings. Each has a deadline stated in the notice; send it to us as soon as it arrives.

Questions we are asked