Hi there! 
Christmas is here, and many of us are thinking about Secret Santa gifts, year-end bonuses, office parties, and financial wrap-ups for the year. Amid all this, some of us might also remember money parked abroad – RSUs from an employer, a US trading account, or an overseas wallet that hasn’t been touched in years.
That’s exactly why the CBDT has started issuing notices and intimations over the past week, flagging cases where foreign assets or income weren’t disclosed in the ITR. So, if you’ve already filed your return, you still have the option to correct genuine omissions by filing a revised return before 31st Dec 2025, which replaces the original ITR.
And if you haven’t filed your ITR yet, you’ll need to file a belated return under section 139(4) before year-end, along with interest, late filing fees and a few important conditions.
We’ve handpicked threads on these topics in today’s edition.
TOP THREADS
Why is the CBDT issuing notices for foreign assets and income?
A few decades ago, investing abroad was mostly limited to the super-rich or large companies. Today, with global investment platforms, RSUs from employers, ESOPs, and easy access to foreign bank accounts, many ordinary taxpayers now hold assets or earn income outside India. Many of these remain unreported in ITRs, often because…Continue Reading
When should you file a revised return?
Despite our best efforts, the ITR filing rush can lead to errors such as misreporting income, missing foreign income or assets or forgetting to include a transaction from your AIS in your return. You can correct them by filing a revised return, but only if your original return was…Continue Reading
What is a belated return, and when can you file it?
If you miss the ITR filing deadline, you still have an option to file a belated return under Section 139(4). Since you’re filing after the due date, there will be late fees and interest charges, of course. So it’s better to file the belated return before…Continue Reading
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FAQs
Should I report foreign assets held for AY 2025-26?
No, when filling Schedule FA for AY 2025-26, you need to report foreign assets held during the calendar year 2024, that is, foreign assets owned at any time between January 1, 2024, and December 31, 2024.
How many times can I file a revised return?
There is no limit on the number of revised returns you can file. However, each time you revise your return, you must provide complete details of the original ITR, that is, the first ITR filed. Also, don’t forget to e-verify the revised return within 30 days.
Can I switch tax regimes while filing a belated return?
No, if you file a belated return, you cannot switch tax regimes. You will be mandatorily taxed under the new regime, as it becomes the default option once the original due date is missed.
RESULTS FROM LAST DIGEST
What’s the monthly interest if you miss the advance tax instalment?
A) 1% (64%) 
B) 5% (10%)
C) 6% (5%)
D) 10% (21%)
64% of people chose the right answer. Well done!