I’m in a bit of a spot. I filed ITR-3 for FY24-25 (F&O business, so it was an audit case). CA missed filing Form 67 and completely left Schedule FSI and Schedule TR blank, even though I had significant US taxes withheld on RSU vests. This process was followed in the past FYs and things went through fine.
I just got a 143(1) intimation with a demand that basically matches the tax credit I should have received.
Can I/any other CA use the Offline Utility to file a Rectification (u/s 154) - Return Data Correction by updating the JSON with populated FSI/TR schedules?
Will be filing form 67 separately also.
Hello @Blazing-Fireball
Since there is a change in income, rectification under Section 154 is not applicable. You will need to file an updated return (ITR-U) and pay the applicable additional tax along with interest and any additional penalties.
Also, Form 67 must be filed separately to claim Foreign Tax Credit (FTC).
Hope this helps !!
There is no change in total income. Form 16 already captures the RSU amounts under salary
Rectification can be filed only if there is change in any disclosures that does not have an effect on the total income, tax credits or total tax liability as compared to the original ITR filed. In your case since it is a fresh claim of FTC as compared to original ITR filed, it will impact both tax credits and tax liability so rectification is not allowed in such a cases.