10 Common Schedule FA Mistakes (and How to Avoid Them)

7 min read · Updated June 2026 · Applies to AY 2025-26 and AY 2026-27

Schedule FA for US employer stock is easy to get subtly wrong. These are the ten errors we see most often for RSU, ESPP and Fidelity NetBenefits filers.

  1. Using March 31 as the closing balance date. Fidelity's accounting period is Jan–Dec, so the Table A2 closing balance is the Dec 31 value — not March 31. Using March 31 is one of the most common errors.
  2. Using the wrong exchange-rate rule. Schedule FA uses Rule 115 — SBI TTBR on the exact event date. Rule 26's "last day of preceding month" is for salary/TDS and does not apply here.
  3. Using the discounted ESPP price as initial value. If your employer taxed the ESPP discount as a perquisite in Form 16, the Indian cost of acquisition is the FMV on the purchase date, not the discounted price. Details here.
  4. Forgetting unvested RSUs. Unvested RSUs are a beneficial interest in foreign equity and belong in Table A3, even though you don't legally own the shares yet.
  5. Not filing after selling everything. If the account was open during the year, you still report it (gross proceeds in Table A2) even if the closing balance is zero.
  6. Country code "USA" instead of "US". The portal expects the two-letter ISO code US.
  7. Entering decimals in INR fields. Schedule FA INR amounts must be integers — the portal rejects decimals.
  8. Missing the separate ESPP plan account. The brokerage stock-plan account and the ESPP plan account are two distinct custodial accounts — each gets its own Table A2 row.
  9. Skipping it because "income is already in Form 16." Schedule FA is asset disclosure. The Black Money Act ₹10 lakh penalty is for non-disclosure of the asset, even when the income was fully taxed.
  10. Forgetting the foreign tax credit. If the US withheld tax, file Form 67 and use Schedule TR/FSI so you don't pay twice.

FAQ

Dec 31 (Fidelity's accounting period end), converted at the SBI TTBR on Dec 31 — not March 31.

Rule 115 — SBI TTBR on the exact event date. Not Rule 26's preceding-month rate.

Use US (two-letter ISO), not USA.
Avoid all ten — let the tool do it

ITRFA.in uses the Dec 31 closing balance, Rule 115 rates, FMV-based ESPP value and the right country code automatically.

Generate Schedule FA →

Related guides

Informational only, based on current law (FY 2025-26 / AY 2026-27). Consult a chartered accountant for your situation.