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

7 min read · Updated July 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.

In a hurry? Skip the list — ITRFA.in avoids all ten of these automatically. Try it free →
  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 SBI TTBR on the exact event date, per CBDT's filing instructions (details here) — not Income-tax Rule 115's "last day of preceding month" rate, which governs computing income, not Schedule FA disclosure.
  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. Typing "United States" or "USA" as the country instead of picking the exact dropdown value. The portal's Country Name and Code field is a single dropdown selection, not a typed code — for the US it's 2-UNITED STATES OF AMERICA (country code, hyphen, full name, no spaces or parentheses).
  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. Missed past years for this exact reason? See the FAST-DS 2026 amnesty scheme.
  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. Note Schedule FA's Jan–Dec export doesn't cover it fully either — Form 67/FSI run on the financial year (Apr–Mar), so a January–March withholding needs a 15-month export (Jan 2025–Mar 2026) to be caught. Broker's picker capped at 12 months? Export twice — just select both files when uploading, no need to merge them.
Ten ways to get it wrong by hand — or upload and get it right the first time. Generate your Schedule FA →

FAQ

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

CBDT's Schedule FA filing instructions — SBI TTBR on the exact event date. Not Income-tax Rule 115's preceding-month rate, which applies to computing income, not Schedule FA disclosure.

Pick 2-UNITED STATES OF AMERICA from the dropdown — not "United States", not "USA", not a plain code.
Avoid all ten — let the tool do it

ITRFA.in uses the Dec 31 closing balance, exact-date SBI TTBR rates, FMV-based ESPP value and the right country code automatically.

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Related guides

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