CMCPCI-G message for Ouward remmitance

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1

Got below message from Income tax department(I checked and the amount isn’t matching with what I invested in US stocks, I have very little amount in Foreign bank as I was NRI before June 2026. It’s quite confusing what action should I take here? : Dear Taxpayer Mr./Ms. (PAN XXXXXX),
Our records indicate that you may have overseas financial interests (such as bank accounts, shares, or immovable property etc.) acquired in earlier years, that are required to be reported in Income Tax Return.
Foreign Assets of Small Taxpayers - Disclosure Scheme, 2026 (FAST - DS), has been notified offering time-bound opportunity to the taxpayers to regularise foreign assets/income not reported in Income-tax Return. Declarations under FAST - DS are open till 31.12.2026.
You may view your Foreign Assets Information on the AIS through e-filing portal. You may also use ‘‘Kar Saathi’’ available on https://www.incometaxindia.gov.in/ for assistance regarding tax compliance, forms, procedures, and related queries.
Please review your records and avail the scheme, if applicable.
Warm Regards
Income Tax Department

2

Hi @shardul_borhade, this message is a nudge from the ITD, not a notice or a tax demand. The ITD receives data on foreign accounts and investments from other countries, and it’s sending this to taxpayers whose records show overseas assets. Whether you actually need to do anything depends on your residential status in the earlier years.

Here’s the key point in your case: foreign assets need to be reported in Schedule FA of your ITR only for the years you are a resident (and not an RNOR, Resident but Not Ordinarily Resident). If you were an NRI in all the years you held these US stocks and foreign bank balance, you had no requirement to report them in those returns. So there may be nothing left undisclosed, and FAST-DS may not apply to you at all.

What we’d suggest:

  1. Check the Foreign Assets Information in your AIS. The amounts reported by foreign institutions often won’t match your investment amount, because they may reflect year-end or peak balances, sale proceeds, or dividends, converted at a different exchange rate.
  2. If the information itself is wrong (an account that isn’t yours, or duplicate entries), submit feedback on it in the AIS.
  3. For the current Tax Year 2026-27, check your residential status since you returned in June 2026. If you turn out to be a resident and ordinarily resident, you’ll need to report these assets in Schedule FA of the ITR you file next year.

FAST-DS becomes relevant only if you were a resident in any earlier year and didn’t report these assets in that year’s ITR. If that’s the case, assets acquired from your NRI-period income fall under Category 2, which means a flat fee of ₹1 lakh rather than tax on the value. We’ve covered how to file the declaration here: [How to file Form 1 under FAST-DS 2026 on the income tax portal.](How to File Form 1 under FAST-DS 2026 on the Income Tax Portal)