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Make sure you provide these necessary disclosures and ensure your ITR is not rejected by the government of India tax authorities.
Taxpayers must file the ITR 2025-26 by the Sept 15 deadline. (Representative Image)
As the September 15 deadline to file the necessary income tax return looms upon all taxpayers, Sujit Bangar, founder of TaxBuddy.com, highlighted a list of disclosures an Indian citizen must necessarily provide during their ITR submission. Failing to make these disclosures and reporting errors leaves your ITR susceptible to being rejected by the government’s tax authorities. Here are eight disclosures that are mandatory to ensure your ITR is approved under the Income Tax Act.
Schedule FA (Foreign Assets)
Overseas assets such as bank accounts, funds, insurance and ESOPs, immovable property and signatory rights acquired by the residents (RORs) must be disclosed in the ITR. Failing to do so leaves you liable to pay a penalty of Rs 10 lakh and potential imprisonment of 6 months to 7 years. The penalty and jail term do not apply is cases where the aggregate value of assets excluding the immovable property doesn’t exceed the sum of Rs 20 lakhs.
Schedule FSI (Foreign Source Income)
An ITR filing individual must also report country-wise foreign income, if any, with details based on nature, amount and tax paid. Non-disclosure of it may lead to penalty of Rs 10 lakh and potential imprisonment of 6 months to 7 years. Neither would be applicable on citizens with an aggregate value of assets worth less than Rs 20 lakhs outside the immovable property.
Schedule VDA (Crypto/NFTs)
A crypto or NFT holder must report the details of each transfer made, including acquisition date, sale date, sale value and cost. No set-off of losses allowed under Section 115BBH.
Unlisted Equity Shares
Disclose company-wise details around buying/selling dates, quantity, face value and cost involved of all the unlisted equity shares held during the year. The schedule is necessary to be provided on filing an ITR with ‘held unlisted equity’ ticked.
Directorship Details
If you’re a director, mention all the company details and disclose the DIN, company name, PAN and listed/unlisted status.
Schedule AL (Assets & Liabilities)
If an individual’s total income exceeds Rs 1 crore, they have to disclose all the details based on immovable property, jewellery, vehicles, shares/MFs, cash in hand, loans/advances acquired, while also mentioning their liabilities. The values mentioned in the ITR must be consistent with Capital Gains (CG) schedules and portfolio statements.
Schedule IF (Partner in Firm) – ITR-3
For business partners, it is mandatory to disclose name, PAN status, percentage of share, remuneration and interest terms finalised in the ITR. Such individuals must cross-check the firm’s ITR-5 numbers to avoid mistakes.
Bank Account & Verification
Make sure you provide the correct bank account details, including the IFSC code, to pre-validate a bank account for refunds. E-Verify the details within 30 days for the return to be treated as approved and filed.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
Delhi, India, India
September 05, 2025, 15:24 IST
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