ITR 2026: Why Bank of America, Nvidia, other US stocks bought in early 2026 need not be reported

But why? You may ask.

You need to report an asset even if held for just a day during the relevant accounting period.

The relevant accounting period for reporting assets under Schedule FA for AY 2026-27 is Calendar Year 2025, which is from January 1, 2025, to December 12, 2025.

"The ITR Forms use the expression “calendar year ending as on 31st December 2025”. This implies that the assessee shall furnish the details of all foreign assets held between 01-01-2025 and 31-12-2025 in return to be filed for the assessment year 2026-27. Irrespective of the fiscal year followed in the foreign country (like, Australia follows July to June, Costa Rica follows October to September, etc.), the reporting will be made if the specified foreign assets are held on 31-12-2025," experts said.

This means if you purchased any US stocks during the last quarter of FY 2025-26, or January-March 2026, you do not report them in the ITR for AY 2026-27.

For example, suppose you purchased Nvidia stocks in February 2025 and, say, Bank of America (BoA) stocks on December 31, 2025. In this case, you need to report the BoA stocks in ITR for AY 2026-27 as it was purchased on the last day of the relevant accounting period.

However, you do not need to report Nvidia stocks in ITR for AY 2026-27 as you didn't purchase them during the relevant calendar year.

What if you purchased US stocks during January-March 2025?

When filing ITR for AY 2026-27, you will need to report all stocks purchased during January-March 2025 under Schedule FA as the date of purchase falls in the relevant accounting period.

What else is required to be reported under Schedule FA?

Under Schedule FA, resident Indian taxpayers are required to report any asset held outside India. They must also report any income from any source outside India and disclose whether they have signing authority over any account located outside India.