# Form 67 Explained for US Stock Investors in India
Author: Ankur Choudhary
Author URL: https://getbelong.com/blog/author/ankur-choudhary/
Published: 2026-10-14
Category: US Stocks
Category URL: https://getbelong.com/blog/category/us-stocks/
Meta Title: Form 67 Explained for US Stock Investors in India
Meta Description: Form 67 explained for Indian investors in US stocks: who files, deadlines, documents, foreign tax credit math, and the move to Form 44.
Tags: Stocks
Tag URLs: Stocks (https://getbelong.com/blog/tag/stocks/)
URL: https://getbelong.com/blog/us-stocks-etfs/form-67-us-stocks/

It is October. Your income tax return was filed months ago.

Then a friend asks a simple question over chai: "Did you file Form 67 for your US dividends?"

You pause. You remember the dividends. You remember the US tax your broker cut.

You do not remember any Form 67.

That pause is the reason this guide exists. At [Belong](https://getbelong.com/), we speak every week with Indians who invest in US stocks from India. Many of them have done the hard part well.

They opened a US brokerage account, sent money through the Liberalised Remittance Scheme, and built a decent global portfolio.

Then the tax season trips them on one small form.

Form 67 is that form. It is the statement you file to claim credit in India for tax already paid in the US. Skip it, or file it late, and you can end up paying tax twice on the same dividend.

The good news is that the window is often still open. Under the amended Rule 128, Form 67 can be filed until the end of the assessment year in many cases.

For most readers filing for FY 2025-26, that means there is still time to act.

There is also a bigger change underway. India's new Income-tax Act, 2025 has brought new rules.

The foreign tax credit statement now moves to a new form number. We cover that transition in detail below, because most guides online have not caught up yet.

This guide is written by our team, led by me, Ankur Choudhary. I am a SEBI-registered investment advisor and the CEO of [Belong](https://getbelong.com/).

We have kept it practical, calm, and focused on what you should do next.

## The Short Answer: What Is Form 67?

Form 67 is a statement filed on the income tax e-filing portal. It tells the tax department how much foreign income you reported in India. It also shows how much foreign tax you paid on it.

Without this statement, the department will usually not give you credit for the foreign tax. With it, you can reduce your Indian tax by the US tax already deducted, within limits.

For a US stock investor in India, the most common trigger is dividends. When a US company pays you a dividend, US tax is usually withheld before the money reaches your account. India also taxes that same dividend as part of your income.

Form 67 is how you stop paying full tax in both countries.

The legal home of Form 67 is [Rule 128 of the Income-tax Rules, 1962](https://www.incometaxindia.gov.in/w/rule-128-1). That rule explains when credit is allowed, how it is calculated, and which documents you need. The [Form 67 FAQ on the income tax portal](https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form67-faq) confirms it is filed online only.

**Tip:** Think of Form 67 as a receipt you hand to India. It proves the US already took its share, so India only collects the balance.

## Why This Matters More Than It Looks

Most investors treat US dividends as small change. A few hundred dollars here, a few hundred there. The tax feels too minor to worry about.

That thinking is understandable. It is also how small leaks become a habit.

Here is the problem. When you skip Form 67, you do not just lose the credit on one dividend.

You often lose it on every dividend for that whole year. Then you repeat the same mistake next year, and the year after.

Over a decade of holding dividend-paying US stocks or ETFs, that leak compounds. The money you lose is money that could have stayed invested. That is a real [opportunity cost](https://getbelong.com/blog/opportunity-cost-meaning/), even if each year's amount looks small.

There is also a quieter risk. Your foreign income and foreign assets show up in multiple places now.

Brokers, banks, and international data exchange can surface them. A return that claims foreign tax relief without Form 67 can invite questions.

We have seen this pattern repeatedly. The investor did nothing wrong in spirit. They paid tax in the US.

They reported income in India. They simply missed one procedural step, and it cost them the credit.

## First, Check Whether Form 67 Even Applies to You

Before you open the portal, settle one question. What is your residential status in India for the year?

This matters because Form 67 is for residents claiming foreign tax credit. If India does not tax your foreign income at all, there is usually nothing to claim credit against.

Residential status is not about your passport or citizenship. It depends on the number of days you spent in India, under the rules of the Income-tax Act. Our guide on [RNOR status](https://getbelong.com/blog/rnor-status/) explains how the day counts work for people moving between countries.

Here is the simple way to think about the three categories.

Your status

Is US income taxed in India?

Do you usually need Form 67?

Resident and Ordinarily Resident (ROR)

Yes, global income is taxed

Yes, if you paid US tax

Resident but Not Ordinarily Resident (RNOR)

Generally no, with exceptions

Usually not, check your income type

Non-Resident Indian (NRI)

Generally no for foreign income

Usually not

### If you are a resident Indian investing in US stocks

This guide is mainly for you. Say your portfolio sits in India and you started adding US stocks through LRS. You are then almost certainly a resident and ordinarily resident.

That means India taxes your worldwide income. Your US dividends are taxable in India.

The US tax withheld on those dividends is eligible for credit. Form 67 is your route to that credit.

### If you are an NRI living in Dubai, London, or New York

If you are working in Dubai and investing in US stocks from a UAE brokerage, your situation is different. As an NRI, India generally taxes only income that is received or arises in India.

Your US dividends are foreign income for India. In most cases, India does not tax them.

So there is no Indian tax to reduce, and Form 67 is usually not relevant. Our piece on whether [foreign income is taxable in India for NRIs](https://getbelong.com/blog/is-foreign-income-taxable-in-india-for-nris/) covers the edge cases.

There is one important exception, and it is about timing. We cover it in the section on returning to India.

### If you have just moved back to India

If you have recently returned after years abroad, you may be RNOR for a few years. During that window, foreign income is generally outside the Indian tax net, with some exceptions.

But RNOR status does not last forever. The year you become a full resident, your US dividends start counting in India. That is the year Form 67 enters your life, often without warning.

**Tip:** Mark the year your RNOR status is expected to end. Set a reminder to review your US holdings and Form 67 obligations before that year begins.

## How US Stock Income Actually Gets Taxed

To understand Form 67, you need to see the full chain. Money moves from a US company to your US broker, then towards India. Tax gets taken at specific points.

Let us break down the three types of income most US stock investors earn.

### Dividends: where Form 67 does most of its work

When a US company or US-listed ETF pays a dividend, US tax is withheld at source. Your broker typically does this automatically before crediting the dividend to your account.

The rate of withholding depends on whether your broker has your treaty paperwork on file. Brokers usually ask Indian residents to complete a US tax form called the W-8BEN when you open the account. This form certifies that you are not a US person and lets the broker apply treaty rates where available.

India then taxes the gross dividend as part of your income, at your applicable slab rate. The [India-US tax treaty's relief article](https://incometaxindia.gov.in/DTAA%20Articles/USA/108020000000007117.htm) lets an Indian resident deduct US tax from Indian tax on that income. The relief is capped at the Indian tax attributable to the same income.

This is the heart of it. The US takes its share first.

India allows you to subtract that share, up to the Indian tax on the same income. Form 67 is the paperwork that makes the subtraction possible.

### Capital gains: often nothing to claim

When you sell US shares at a profit, you earn a capital gain. Here, the picture changes for most Indian residents.

In most standard cases, a US broker does not withhold US tax when a non-US person sells listed shares. If no US tax was deducted, there is no foreign tax to claim credit for. You still report and pay tax on the gain in India.

This is a point many investors miss. They assume Form 67 covers everything foreign.

It only matters where foreign tax was actually paid. For pure share sales with no withholding, Form 67 has nothing to do.

**Tip:** Check your broker's annual tax statement for any withholding on sale proceeds. If there is none, your gains go straight into your Indian return without a credit claim.

### Interest on idle cash

Some US brokers pay interest on uninvested cash balances. Treatment of this interest can vary depending on how the broker structures the cash sweep.

If US tax is withheld on that interest, it becomes another line in your Form 67. If nothing is withheld, you simply report the interest as income in India. Read the year-end tax document your broker issues, and match it carefully.

### A quick word on RSUs and ESPP

Many resident Indians working for US multinationals hold company shares through RSUs or employee stock purchase plans. These follow the same broad logic for dividends and sales.

However, if you ever worked in the US and had US salary tax on vesting, the picture gets more complex. Those cases need careful year-wise matching.

We recommend professional help there. The credit rules interact with salary and residency in ways that are easy to get wrong.

## The Foreign Tax Credit Math, In Plain Words

Let us slow down here. This is the part that confuses people most, and it is worth getting right.

Under [Rule 128](https://www.incometaxindia.gov.in/w/rule-128-1), the credit you get is the lower of two numbers. The first is the Indian tax payable on that foreign income. The second is the foreign tax actually paid on it.

That "lower of" rule has big consequences.

### When US tax is higher than Indian tax

Suppose you are in a lower income tax slab in India. Your Indian tax on the dividend comes out lower than the US tax already withheld.

In that case, India gives you credit only up to the Indian tax. You owe nothing more in India on that dividend.

But the excess US tax is simply lost. India will not refund it, and it cannot be carried forward.

### When US tax is lower than Indian tax

Now suppose you are in the highest slab. Your Indian tax on the dividend is higher than the US tax withheld.

Here, you get full credit for the US tax. You then pay the remaining difference in India. This is the more common situation for our higher-earning resident readers.

### When no US tax was paid

If nothing was withheld in the US, there is nothing to credit. You pay full Indian tax on that income. This is the usual case for capital gains from share sales.

The table below sums up these three outcomes.

Scenario

What India allows

What you pay in India

US tax higher than Indian tax

Credit capped at Indian tax

Nothing more; excess US tax is lost

US tax lower than Indian tax

Full credit for US tax

The difference

No US tax withheld

No credit

Full Indian tax

### The per-source, per-country rule

There is one more layer that most blogs skip. Rule 128 asks you to compute credit separately for each source of income from each country. You then add them up.

In practice, this means you should not lump all foreign income together. Dividends from US stocks are one source.

Interest from a US broker is another. If you also earned freelance income from a UK client, that is a different country entirely.

Mixing these can either reduce your credit or create a mismatch with your return. Keeping them separate keeps your claim clean.

### The exchange rate you must use

Your US tax is in dollars. Your Indian return is in rupees. So you must convert.

Rule 128 specifies the telegraphic transfer buying rate. You use the rate on the last day of the month before the tax was deducted.

This is not the rate on the day you file. It is not the average rate for the year either.

So if tax was withheld on a March dividend, you use the rate on the last day of February. A dividend in September uses the rate on the last day of August.

Your broker statement gives you the dates. You then look up the matching rates.

This feels tedious. It is also where many claims go slightly wrong. A clean spreadsheet with each dividend date, gross amount, tax withheld, and conversion rate solves most of the problem.

**Tip:** Build your dividend spreadsheet once, then reuse it every year. Add new rows as dividends arrive, not in a rush in July.

### What the credit can and cannot reduce

The credit reduces your income tax, surcharge, and cess on that income. As per [Rule 128](https://www.incometaxindia.gov.in/w/rule-128-1), it cannot be used against interest, fees, or penalties.

So if you also owe interest for late tax payment, Form 67 will not wipe that out. It only reduces the tax itself.

## Why the Indian Year and the US Year Do Not Line Up

Here is a timing issue that catches even careful investors. India's financial year runs from April to March. The US tax year runs from January to December.

Your US broker's year-end tax documents follow the calendar year. Your Indian return follows April to March. So a single US tax document often spans two Indian financial years.

Take a simple example. A dividend paid in February belongs to the Indian financial year ending that March.

A dividend paid in May belongs to the next Indian year. Yet both may appear on the same US year-end statement.

If you copy totals straight from the US form into your Indian return, the numbers will not match. Your credit may then be wrong for both years.

The fix is to use transaction-level data. Pull the dividend history from your broker, sorted by date. Then split it by Indian financial year before you file.

### Why this mismatch matters for Form 67

Rule 128 says credit is allowed in the year the corresponding income is offered to tax in India. So the foreign tax must sit in the same Indian year as the dividend it relates to.

If your dividend is in one year and you claim the tax in another, the claim falls apart. Matching by date is not optional. It is the backbone of a valid claim.

This is also why your annual information statement deserves a look before you file. Our guide on how to [check your AIS before filing your ITR](https://getbelong.com/blog/check-ais-before-filing-itr/) explains how to read it and spot gaps.

## Form 67 Deadlines: The Part Most Guides Get Wrong

Now we slow down again. Deadlines are where most of the confusion lives, and the rule has since been amended.

### The original rule

When Rule 128 first came in, Form 67 had a strict deadline. It had to be filed by the return due date under section 139(1). In plain words, it had to be filed by the original ITR deadline.

Many taxpayers missed this. Some filed their return on time but filed Form 67 a few days later. The department then denied the credit, and the dispute went to appeals.

### The amended rule

The rule was later amended. The current text of [Rule 128(9)](https://www.incometaxindia.gov.in/w/rule-128-1) is more relaxed.

Form 67 must be furnished by the end of the assessment year. This applies where the return itself was filed within the time allowed under section 139(1) or section 139(4).

Section 139(4) covers belated returns. So say you filed late, but within the belated return window. You can still file Form 67 until the end of the assessment year.

For an updated return under section 139(8A), the rule is different. Form 67 for that income must be filed on or before the date of the updated return.

### The confusing part: portal help pages

Here is a nuance we want you to notice.

The portal's [Form 67 FAQ](https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form67-faq) and [user manual](https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form67-um) still describe the deadline using the section 139(1) due date.

The rule text itself is more relaxed. So which one should you follow?

Our practical advice is simple. Treat the original ITR due date as your target. Treat the end of the assessment year as your safety net, not your plan.

Filing Form 67 before or alongside your ITR avoids every possible argument. It also means your return and Form 67 are prepared from the same numbers at the same time.

### What this means for you right now

If you are reading this in late 2026, think about FY 2025-26, which is assessment year 2026-27. That assessment year ends on 31 March 2027.

Did you file your FY 2025-26 return on time, or as a valid belated return? Then you can generally still file Form 67 before that date.

Do not wait for March. The portal gets crowded, and documents take time to collect.

Your situation

Form 67 target date

Safety net under Rule 128(9)

Original return filed on time

With or before your ITR

End of the assessment year

Belated return under section 139(4)

With or before the belated return

End of the assessment year

Updated return under section 139(8A)

With the updated return

On or before filing the updated return

No return filed yet

File both together

Depends on the return route you use

**Tip:** If you filed your ITR and claimed foreign tax relief but never filed Form 67, fix it now. Do not wait for a notice to remind you.

## Your Document Checklist Before You Start

Rule 128 asks for two things. The first is Form 67 itself. The second is a certificate or statement showing the nature of income and the tax deducted or paid.

That certificate can come from three places, as per [Rule 128](https://www.incometaxindia.gov.in/w/rule-128-1). It can come from the foreign tax authority.

It can come from the person who deducted the tax. Or it can be a statement signed by you.

If you go with a self-signed statement, it must be backed by proof. That means proof of deduction, or an acknowledgement of payment, challan, or bank counterfoil.

For most US stock investors, this is what you should collect.

1. Your broker's annual US tax information statement for the relevant calendar years.

2. The full dividend and withholding history for the Indian financial year, with dates.

3. Monthly account statements that show each dividend and each tax deduction.

4. Your own signed statement summarising income and US tax for the Indian year.

5. A conversion sheet using the telegraphic transfer buying rate for each relevant month.

6. A copy of the India-US tax treaty, if you are claiming relief under the treaty.


The broker's year-end tax form is usually the strongest proof. It is issued by the person who deducted the tax. Pair it with your transaction history so each Indian year's numbers can be traced.

### Why a self-signed statement still needs proof

Some investors upload only a summary they typed up themselves. That is not enough on its own under the rule.

The tax officer needs to see that the tax was actually deducted. A broker statement or tax form does that job. Your own summary simply ties it together for the correct Indian year.

### Keep your records for years, not months

Tax assessments can reopen long after you file. Keep your broker statements, year-end forms, and conversion sheets safely stored. A simple folder per assessment year works well.

The same discipline helps if you ever move abroad again, or return from abroad. Clean records make every future status change easier to handle.

## How to File Form 67 on the Income Tax Portal

Now for the detailed step. The process itself is not hard. What makes it hard is arriving at the portal without your numbers ready.

So do the preparation first. Then the filing takes under an hour for most people.

### Before you log in

Make sure your PAN is active and linked with Aadhaar. The [Form 67 user manual](https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form67-um) lists a registered e-filing login and an active PAN as prerequisites. It also recommends PAN-Aadhaar linking.

Keep your documents scanned and ready as PDFs. Keep your conversion sheet open in another window. You will be copying numbers from it.

### Step by step

01. Log in to the income tax e-filing portal with your user ID and password.

02. Go to e-File, then Income Tax Forms, then File Income Tax Forms.

03. Search for Form 67 and select it.

04. Choose the correct assessment year. For FY 2025-26 income, this is AY 2026-27.

05. Read the instructions page and click to begin.

06. Fill Part A with your basic details and your foreign income and tax.

07. Fill Part B only if you have a refund of foreign tax from a loss carry-back, or disputed foreign tax.

08. Complete the verification section.

09. Upload your supporting documents: the certificate or statement and proof of tax deduction.

10. Preview everything carefully, then proceed to e-verify.

11. E-verify using Aadhaar OTP, EVC, or a digital signature, as the [portal FAQ](https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form67-faq) explains.

12. Note the acknowledgement number and save the confirmation email.


### What goes into Part A

Part A asks for the country, the nature of income, the income amount, and the tax paid outside India. It also asks for the tax payable in India on that income and the credit you are claiming.

For a typical US stock investor, the country is the United States. The income type is dividend. The amounts are your converted rupee totals for the Indian financial year.

You will also be asked which article of the tax treaty applies, if you claim relief under it. Dividends fall under the dividend article of the India-US treaty. Our explainer on the [India-US DTAA](https://getbelong.com/blog/dtaa/india-usa/) walks through the treaty in simpler terms.

### Does a CA need to certify Form 67?

Under the current Rule 128 regime, the portal FAQ says a CA certificate is not mandatory. Individuals can verify the credit details themselves. You can self-verify.

That said, a good tax professional is useful when your income is complex. If you have RSUs, multiple brokers, or a mix of countries, an expert review saves time. It also reduces the chance of an error that triggers a notice.

As we explain later, this changes under the new rules. A professional verification requirement applies above a threshold under the new form.

### Can someone else file it for you?

Yes. The portal FAQ confirms that an authorised representative can be added to file Form 67 on your behalf. This helps if you travel often or prefer a CA to handle it end to end.

At [Belong](https://getbelong.com/), our [tax filing service](https://getbelong.com/services/tax-filing/) helps investors with exactly this kind of cross-border filing. We mention it here because many of our users came to us after missing Form 67 once.

## Matching Form 67 With Your Income Tax Return

Form 67 does not live alone. It has to agree with your income tax return. If the two disagree, the claim can be rejected or questioned.

### Which ITR form to use

If you are a salaried resident with US stock income, you will typically use ITR-2. If you also have business or professional income, ITR-3 is usually the right form.

ITR-1 is generally not available to residents with foreign assets or foreign income. Our guide on [ITR-2 vs ITR-3](https://getbelong.com/blog/itr-form-itr-2-vs-itr-3/) explains the choice in more detail.

### The schedules that must line up

Inside your ITR, foreign income and foreign tax relief appear in specific schedules. The foreign source income schedule captures the income by country. The tax relief schedule captures the credit you claim.

The numbers in these schedules should match what you put in Form 67. Same country, same income type, same rupee amounts, same tax credit.

Your foreign holdings also appear in a separate foreign assets schedule. That schedule reports what you own, not just what you earned. Our guide on how to [report foreign assets in your tax filing](https://getbelong.com/blog/report-foreign-assets-in-nri-tax-filing/) covers this carefully.

### The calendar year trap in foreign asset reporting

Here is a nuance worth repeating. The foreign assets schedule follows a calendar-year reference period for many items, not the Indian financial year.

So your foreign income schedules follow April to March. Your foreign assets schedule may look at January to December. Investors who mix these two often end up with confused filings.

Read the instructions for each schedule in your ITR utility. When in doubt, ask a professional before you submit.

### A clean order of operations

We suggest this sequence every year.

1. Download your broker statements and year-end tax documents.

2. Split dividends and tax by Indian financial year.

3. Convert each item using the correct monthly rate.

4. Fill your ITR schedules for foreign income, tax relief, and foreign assets.

5. File Form 67 with the same numbers.

6. File and e-verify your ITR.


Some people file Form 67 first and the ITR after. Either way works, as long as both happen within the deadlines and the numbers match exactly.

**Tip:** Save a PDF of your filed Form 67 next to your ITR acknowledgement. If a notice ever arrives, you will want both within reach.

## A Real Advisory Pattern: The Three-Year Leak

Let us share a pattern we see often. The details are composite, but the shape is real.

A Bengaluru-based product manager starts investing in US stocks in her late twenties. Her portfolio is entirely in Indian mutual funds at first. She wants global exposure, so she opens a US brokerage account through LRS.

She buys a handful of large US companies and a broad ETF. Dividends start trickling in every quarter. Her broker withholds US tax each time.

Her CA files her ITR every July. The CA includes her US dividends as income.

But nobody files Form 67. The ITR shows the foreign income, yet the credit is not claimed properly.

For three years, she pays full Indian tax on her US dividends. The US tax withheld on the same dividends is never credited. She only notices when a colleague mentions Form 67 at lunch.

By then, two of the three years are past the Rule 128 window. Only the most recent year can still be fixed. The other two years of credit are effectively gone, unless she wants to argue before appeals authorities.

Her story is not dramatic. That is exactly the point. Most tax leaks are quiet, small, and repeated.

What would have prevented it? A one-line checklist item in her annual tax routine: "US tax withheld? Then Form 67."

## What Happens If You Ignore Form 67

Let us be direct about the consequences. Pacing matters here, so read this part slowly.

### You can lose the credit

Say Form 67 is not filed within the time allowed under Rule 128. The tax officer can then deny the foreign tax credit. That means you pay full Indian tax on income that has already been taxed in the US.

Some taxpayers have had to argue for the credit before appeals authorities. That route takes time, effort, and professional fees. It is far better to avoid it entirely.

### You may receive a notice

If your ITR claims foreign tax relief but Form 67 is missing, your return processing may produce a demand. That demand usually reflects the denied credit plus any interest that follows.

Our guide on handling an [income tax notice after filing your ITR](https://getbelong.com/blog/nri-tax-notice-after-filing-itr/) explains how to respond. Many of those steps apply to resident investors too.

### Your foreign income becomes double-taxed

This is the plain outcome. The US already took its share.

India takes its full share too. Your real return on that investment drops.

Remember, your [real return](https://getbelong.com/blog/real-return-meaning/) is what is left after tax and inflation. Double taxation eats directly into it, year after year.

### Your records become harder to defend

When filings are incomplete, future years get messier. A notice for one year can lead to questions about others. Clean filing every year is the cheapest form of protection.

**Tip:** Found a missed Form 67 for a year still within the window? File it now and keep proof. If the window has closed, speak to a tax professional before you do anything else.

## Can You Fix a Missed Form 67?

This depends on where you stand on the timeline.

### If the assessment year has not ended

Was your return filed within section 139(1) or 139(4) timelines? Then you can generally file Form 67 before the assessment year ends. That is your cleanest fix.

If your original return did not claim foreign tax relief correctly, consider a revised return as well. Our guide on [revised tax returns](https://getbelong.com/blog/revised-it-tax-return-for-nris/) explains how revision works and when it is allowed.

### If you have not filed your return at all

If the original due date has passed, you may still be able to file a belated return. Our explainer on [belated tax filing](https://getbelong.com/blog/belated-tax-filing-for-nris/) covers the window and the costs involved.

File Form 67 alongside the belated return. Do not file one and forget the other.

### If you are using an updated return

An updated return under section 139(8A) lets you add missed income later, within limits. Under [Rule 128(9)](https://www.incometaxindia.gov.in/w/rule-128-1), Form 67 for that income is due on or before the updated return date.

Updated returns come with additional tax costs. They are a correction tool, not a planning tool. Use them carefully and with advice.

### If the window has fully closed

If the assessment year has ended and no updated return route helps, the credit is likely lost for that year. Some taxpayers pursue appeals. Whether that is worthwhile depends on the amount and your appetite for a long process.

Our honest view is this. Fix what you can fix.

Learn from what you cannot. Then build a routine so it never happens again.

## Common Form 67 Mistakes We See

Here is the mistake table we share with investors during tax season. Each line comes from a real conversation.

Mistake

Why it hurts

How to avoid it

Not filing Form 67 at all

Credit can be denied entirely

Add it to your annual tax checklist

Copying US calendar-year totals

Income and tax land in the wrong Indian year

Split by date into Indian financial years

Using the filing-day exchange rate

Rupee amounts do not follow Rule 128

Use the TT buying rate for the prior month-end

Claiming credit on capital gains with no US tax

No foreign tax exists to credit

Only claim where tax was actually withheld

Lumping all foreign income together

Per-source limits get ignored

Compute credit per country and per source

Mismatch between Form 67 and ITR schedules

Claim can be questioned or denied

Fill both from one master sheet

Uploading only a self-made summary

Proof of deduction is missing

Attach broker tax statements as proof

Assuming NRIs must always file

Unnecessary filing, possible confusion

Check your residential status first

Ignoring the new Form 44 regime

Wrong form for future years

Track which tax year falls under which Act

### The behavioural root of most mistakes

Most of these errors share one root cause. People treat tax as a once-a-year event in July.

Global investing does not work that way. Dividends arrive quarterly. Exchange rates move monthly.

Statements arrive in January for the US year. The investor who updates a simple sheet every quarter avoids almost every mistake above.

There is also a second root cause: blind trust in someone else. A CA who files hundreds of returns may not ask about your US dividends unless you mention them. Bring your foreign income to the table yourself.

## Edge Cases Most Blogs Miss

This section covers situations that rarely appear in generic guides. They show up often in our conversations with investors.

### ETFs domiciled outside the US

Some Indian investors hold ETFs domiciled in Ireland or other countries instead of US-domiciled ETFs. In those structures, any US tax on underlying dividends is generally borne inside the fund.

That tax is not deducted in your name. So there is typically no separate foreign tax on your statement to claim through Form 67. The fund's domicile shapes what appears on your tax documents.

This is why understanding fund domicile matters before you buy, not after. We have covered domicile and UCITS ETFs in other articles in our US stocks and ETFs series.

### Refund of US tax after you claimed credit

Sometimes a foreign tax is later refunded or reduced. If you already claimed credit for that tax in India, you must report the change.

Part B of Form 67 deals with refunds linked to loss carry-backs and with disputed tax. The [Form 67 FAQ](https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form67-faq) adds one more case. Form 67 is also needed when a loss carry-back refunds foreign tax already credited.

For most portfolio investors, this is rare. But if your broker corrects a withholding error months later, keep the correction notice and review your claim.

### Disputed foreign tax

Under [Rule 128](https://www.incometaxindia.gov.in/w/rule-128-1), no credit is allowed for foreign tax that you are disputing in any manner. Credit can come later, once the dispute is settled.

To get that later credit, you must submit evidence of settlement and proof the foreign liability was paid. You also give an undertaking about refunds. This must be done within six months from the end of the month in which the dispute is finally settled.

Again, rare for most stock investors. But useful to know if a broker or tax authority ever reverses a withholding.

### Dividends reinvested automatically

Many brokers offer dividend reinvestment. Your dividend is used to buy more shares, often fractional ones. You never see the cash.

For tax, the dividend is still income. The US tax is still withheld.

Form 67 still applies. Reinvestment changes your cost base for future sales, not your current-year tax treatment.

### Multiple brokers, one return

If you use two or more US brokers, each issues its own statements. Combine them carefully. The country is the same, so the credit computation for US dividends combines across brokers.

Keep a separate tab for each broker in your sheet. Then add a summary tab for Form 67 totals.

### Joint accounts and family investing

Some families hold foreign investments in one person's name, using funds from another. Tax follows the legal owner and the source of funds, and clubbing rules may apply in some family cases.

Form 67 is filed by the person whose income it is in India. If the structure is unclear, sort out ownership before filing. Do not file Form 67 for income you are not reporting in your own return.

## The Big Change: Form 67 Moves to Form 44 Under the New Act

This is the section most online guides have not updated. Please read it slowly, because the change is easy to misread.

India's new Income-tax Act, 2025 comes with a new set of rules, the Income-tax Rules, 2026. The Income Tax Department has published [FAQs and guidance notes on forms under the 2026 Rules](https://www.incometaxindia.gov.in/faqs-and-guidance-notes-on-forms-as-per-income-tax-rules-2026). Many familiar form numbers have changed.

### What the department's own pages say

The department's page for [Form No. 44](https://www.incometaxindia.gov.in/documents/d/guest/fn-44) describes it as the statement of income from a country outside India and foreign tax credit. It lists Rule 76 of the Income-tax Rules, 2026 as the governing rule.

It also describes the major changes compared to the erstwhile Form No. 67.

In other words, the foreign tax credit statement continues. It simply has a new number and a new rule reference.

At the same time, the department's page for the new [Form No. 67](https://www.incometaxindia.gov.in/documents/d/guest/fn-67) describes something completely different. Under the 2026 Rules, Form 67 is an accountant's report on book profit and alternate minimum tax.

So the same number now means a different form. That is a recipe for confusion, and we expect many investors to search for the wrong form next year.

**Tip:** For foreign tax credit under the new Act, search for Form 44 on the portal. Do not assume the old Form 67 label still applies.

### Which form applies to which year

Here is how we read the transition, based on the department's published material.

Income earned in FY 2025-26 falls under the Income-tax Act, 1961. Returns for that year are for assessment year 2026-27. For that income, the old Rule 128 and the old Form 67 apply.

Income earned from tax year 2026-27 onwards falls under the new Act. For that income, Rule 76 and Form 44 apply when you file the return in the following year.

Your exact filing details may still evolve as the portal is updated. Confirm the form name on the e-filing portal at the time you file.

Income period

Law that applies

Foreign tax credit form

FY 2025-26 and earlier years

Income-tax Act, 1961 and Rule 128

Form 67 (old regime)

Tax year 2026-27 onwards

Income-tax Act, 2025 and Rule 76

Form 44 (new regime)

### The new deadline under Form 44

The [Form 44 and 45 FAQs](https://www.incometaxindia.gov.in/documents/d/guest/form-44-45-faqs) give the new timeline. Form 44 is due within twelve months from the end of the relevant tax year. That is the year the foreign income was offered to tax in India.

This applies where your return was filed on time under section 263(1) or section 263(4) of the new Act. Filing an updated return under section 263(6)(a)? Then Form 44 for that income is due by the date of that updated return.

The logic is similar to the amended Rule 128. The labels and section numbers are new.

### The new structure of the form

Form 44 has three parts, as per the department's FAQ.

1. Part A covers your personal particulars.

2. Part B covers foreign income offered or assessed to tax in India, on which you claim credit.

3. Part C covers any refund of foreign tax for which credit was already claimed in India.


The department also requires supporting documents. These include head-wise or source-wise income details and foreign tax details. You also attach the treaty copy where relevant, and any dispute details.

### Accountant verification above a threshold

This is a meaningful change for some investors. The FAQ states that verification by an accountant is required for companies. It is also required where foreign tax paid for the year crosses a threshold set in Rule 76(16).

Under the old Form 67 regime, the portal FAQ said a CA certificate was not mandatory for individuals. Under Form 44, larger foreign tax amounts will need professional verification. Check the current threshold on the [Form 44 FAQ page](https://www.incometaxindia.gov.in/documents/d/guest/form-44-45-faqs) before you file.

Most small portfolio investors will stay below this threshold. Investors with large dividend portfolios, or RSU-heavy employees, may cross it.

### A new form for dispute settlement

Under the new rules, there is also a separate Form 45. It is used to report the settlement of a foreign tax dispute. This applies where credit was held back because of that dispute.

The FAQ says Form 45 is due within six months from the end of the month of final settlement. Form 44 must already have been filed for the relevant tax year.

For most US stock investors, Form 45 will never come up. It is still useful to know it exists.

### What this transition means in practice

If you are reading this in late 2026, here is the plain summary.

For your FY 2025-26 income, finish the old Form 67 before 31 March 2027, if you have not already. For income you are earning now, prepare for Form 44 when you file next year.

Your underlying habits stay the same. Track dividends by date. Convert at the correct rate.

Keep proof of tax deduction. Match your return and your credit statement.

The forms will change names over time. Good records never go out of date.

## Planning Calendar for US Stock Investors

Here is a simple timing table you can use every year. It turns Form 67, and later Form 44, into a routine instead of a scramble.

When

What to do

Why it matters

Every quarter

Log dividends, tax withheld, and dates

Avoids year-end reconstruction

January to March

Download US year-end tax documents

Proof for the tax deducted

April

Split the past year's data by Indian financial year

Aligns US data with Indian returns

May to June

Convert amounts using the correct monthly rates

Rule 128 conversion is month-specific

Before your ITR due date

File the credit statement and your ITR together

Removes deadline risk entirely

After filing

Save acknowledgements and proofs in one folder

Ready for any future notice

Each new tax year

Check which Act and form applies

Avoids filing the wrong form

The rhythm is not complicated. It just needs to exist.

## Where Form 67 Fits Into Your Global Investing Journey

Let us zoom out for a moment.

If your portfolio is entirely in India today, global investing can feel intimidating. Taxation sounds complex. Forms like Form 67 sound like one more reason to stay home.

We understand that hesitation. We also think it is the wrong conclusion.

Form 67 is a paperwork step, not a reason to avoid global markets. Once you build a simple routine, it takes an hour or two a year. The diversification benefit of global investing lasts far longer than that hour.

### Why resident Indians invest globally in the first place

Indian investors are often overexposed to India. Salary, home, family, mutual funds, provident fund, and real estate are all tied to one economy and one currency.

Global investing from India spreads that risk. US markets give access to companies and sectors that are thin on Indian exchanges.

A dollar asset also helps when the rupee weakens over long periods. You benefit from the dollar's [appreciation](https://getbelong.com/blog/appreciation-meaning/) against the rupee.

Our guide on how to [invest in the USA from India](https://getbelong.com/blog/invest-in-usa-from-india/) covers the routes in detail. Our step-by-step piece on how to [invest in US stocks](https://getbelong.com/blog/global-investment/invest-us-stocks/) explains platforms, costs, and paperwork.

### The LRS route and where tax enters

Most resident Indians invest in US stocks through the Liberalised Remittance Scheme. The [RBI's LRS Master Direction](https://www.rbi.org.in/Scripts/BS_ViewMasterDirections.aspx?id=10192) lets resident individuals remit money abroad for permitted transactions. These include overseas portfolio investment.

The same Master Direction sets an annual limit per financial year and requires PAN and Form A2 for remittances. Our explainer on the [LRS route](https://getbelong.com/blog/global-investment/lrs-route/) walks through the process and common questions.

LRS gets your money to the US. Form 67, and later Form 44, makes sure your US dividends are not taxed twice on the way back.

### A simpler route some investors prefer

Some resident investors want global exposure without managing a foreign brokerage account. They do not want to track US year-end tax forms, foreign asset schedules, and Form 67 every year.

For them, GIFT City offers another route. Funds set up in India's International Financial Services Centre can invest in global markets and hold USD-denominated portfolios. Our guide on [how GIFT City simplifies global investing](https://getbelong.com/blog/global-investment/how-gift-city-simplifies-global-investing/) explains how this works.

You can explore the [DSP Global Equity Fund](https://getbelong.com/tools/gift-city-mutual-funds/dsp-global-equity-fund/) or the [Edelweiss Greater China Equity Fund](https://getbelong.com/tools/gift-city-mutual-funds/edelweiss-greater-china-equity-fund/). Both appear in our [GIFT City mutual funds tool](https://getbelong.com/tools/gift-city-mutual-funds/). Use it as a comparison shortcut, not a recommendation engine.

This does not mean GIFT City removes all tax work. Your residential status, the fund's structure, and current tax rules still decide how your income is taxed. But the reporting chain is often shorter because the fund sits within India's regulatory system.

Our comparison of [direct US stocks vs GIFT City mutual funds](https://getbelong.com/blog/global-investment/direct-us-stocks-vs-gift-city-mutual-funds/) lays out the trade-offs side by side.

**Tip:** Choose your global investing route based on how much paperwork you are willing to maintain each year. The best route is the one you will manage correctly every year.

### A short pause before the decision

Take a moment here.

Many people delay global investing for years because the tax side feels unclear. Then they finally invest, at a time when markets have already moved. The delay costs more than the paperwork ever would have.

The goal is not to avoid complexity. The goal is to understand it well enough that it stops feeling like a wall.

## Thinking of Getting Help? Here Is Where Belong Fits

If you are a resident Indian building a global portfolio, you may want a single place to see your options. At [Belong](https://getbelong.com/), we have built tools that help you compare before you commit.

Our [GIFT City mutual funds tool](https://getbelong.com/tools/gift-city-mutual-funds/) lets you compare global and India-focused funds. Our [mutual funds](https://getbelong.com/products/mutual-funds/) section shows the products available through our platform. If you want help with cross-border filings, including Form 67, our [tax filing service](https://getbelong.com/services/tax-filing/) is built for exactly that.

We are registered and regulated. You can read about our registrations on our [licenses page](https://getbelong.com/licenses/). Please check it before trusting any platform with your money, including ours.

## The Return to India Layer: When Form 67 Suddenly Appears

Now let us speak to NRIs and returning Indians. This part is easy to overlook, and it often catches people by surprise.

### While you are an NRI

Say you live in the US, UAE, or UK and are an NRI for Indian tax purposes. Your US dividends are then usually not taxed in India. Form 67 is generally not relevant during these years.

Your tax obligations sit mainly in your country of residence. If you are in the US, for instance, your US tax return handles your US dividends. India does not need a credit statement for income it does not tax.

### The RNOR bridge

When you move back to India, you may qualify as RNOR for a period. RNOR status works like a bridge between NRI and full resident life.

During the RNOR years, foreign income is generally not taxed in India, with some exceptions. So your US dividends typically remain outside Indian tax. Our guide on [RNOR status](https://getbelong.com/blog/rnor-status/) explains how the period is determined.

### The year you become a full resident

This is the moment that matters. The year you become a resident and ordinarily resident, India starts taxing your global income.

From that year, your US dividends become taxable in India. US tax withheld on them becomes creditable. Form 67, or Form 44 under the new regime, becomes part of your annual routine.

Many returning NRIs carry their US brokerage accounts with them. Their US broker may still treat them as a US resident, if they never updated their address and tax forms. That creates a messy first resident year.

### A returning NRI scenario

Consider a software engineer who returns to Pune after a decade in California. He keeps his US brokerage account. He enjoys two RNOR years where his US dividends stay outside Indian tax.

In his third year, he becomes a full resident. His US dividends are now taxable in India.

But his US broker still has his old US paperwork on file. So withholding is not set up correctly for a non-US person.

He files his first Indian resident return without Form 67. He also misses the foreign asset schedule.

A notice arrives. Fixing it takes months, two professionals, and a lot of stress.

None of this was necessary. A one-page plan before the transition year would have avoided it.

### What returning NRIs should do

1. Calculate when your RNOR status is likely to end.

2. Update your residency and tax forms with every foreign broker before that year.

3. Start a dividend and withholding log from the first resident year.

4. Plan to file Form 67, or Form 44, from that year onward.

5. Review whether to keep, consolidate, or move your foreign holdings.


Our guide on [tax filing for returning NRIs](https://getbelong.com/blog/returning-nris/tax-filing/) covers the full transition. Our piece on [claiming DTAA benefits](https://getbelong.com/blog/dtaa/claim-dtaa-benefits/) explains how treaty relief works in practice.

**Tip:** If you plan to return to India within the next two to three years, start your tax-transition planning now. The RNOR window passes faster than you expect.

## Reading Your US Broker's Tax Documents Without Panic

Many investors open their first US year-end tax document and close it within a minute. The layout is unfamiliar.

The codes look technical. The amounts are in dollars.

You do not need to understand every box. You need to find four things.

1. The gross dividend income paid to you.

2. The US tax withheld on that income.

3. The income type code or description, so you know it is a dividend.

4. The period covered by the document.


Most brokers issue a year-end statement listing income and tax withheld for non-US account holders. Many also provide a downloadable transaction history. That history is what you split by Indian financial year.

### Why the transaction history beats the summary

The year-end summary gives you totals for the calendar year. That is useful as proof of deduction. But for Form 67, you need dates.

The transaction history shows every dividend and every tax deduction as a separate line. It also shows the date. With dates, you can assign each item to the right Indian year and the right conversion month.

So keep both. Use the summary as your proof. Use the transaction history as your working data.

### What to do if the numbers do not match

Sometimes the summary and the transaction history disagree slightly. This can happen when a broker reclassifies a payment or corrects withholding after the fact.

When that happens, trust the final corrected figures. Keep the correction notice.

Note the difference in your working sheet. If the gap is material, ask the broker's support team for a written explanation.

## Dividend Stocks or Growth Stocks? A Tax Lens

Here is a contrarian thought for resident investors. If you dislike foreign tax paperwork, your stock selection can reduce it.

Companies that pay little or no dividend generate little or no withholding. Your return then comes mostly from price growth. That growth is taxed in India when you sell, usually with no US tax to credit.

Dividend-heavy stocks and income-focused ETFs create quarterly paperwork. Each payout carries US withholding. Each withholding needs to be tracked, converted, and claimed.

We are not saying growth stocks are better. We are saying tax workload should be part of your decision. Your portfolio should fit your temperament and your willingness to maintain records.

### How the "lower of" rule shapes this choice

Remember the credit rule. India gives credit up to the Indian tax on that income.

If you are in a lower slab, some of the US tax on dividends can be lost every year. For such investors, high-dividend US holdings can be less efficient than they look.

If you are in a higher slab, US tax is usually fully creditable. You simply pay the difference in India. The inefficiency is smaller, but the paperwork remains.

Either way, run the numbers on a post-tax basis. A headline dividend yield means little until you see what is left after both countries take their share.

## A Worked Example in Words

Let us walk through one year for a typical resident investor. We will keep it in words, so the logic stays clear.

Meera lives in Hyderabad and is in the highest income tax slab. She owns shares in three US companies and one broad US ETF. All four pay quarterly dividends.

Her broker has her W-8BEN on file. So US tax is withheld at the treaty rate on each dividend. The net amount lands in her brokerage cash balance.

At the end of the Indian financial year, Meera downloads her dividend history. She filters it from April to March. She finds sixteen dividend entries and sixteen tax entries.

She lists each entry with its date. She then looks up the telegraphic transfer buying rate for the last day of the month before each payment. She converts each gross dividend and each tax amount into rupees.

She adds up the rupee totals. That gives her the gross US dividend income for the Indian year and the US tax paid on it.

Next, she works out the Indian tax on that dividend income at her slab rate. Since she is in the highest slab, her Indian tax on the dividends is higher than the US tax withheld.

So she gets full credit for the US tax. She pays the difference in India.

She fills her ITR schedules for foreign income and tax relief with these numbers. She files Form 67 with the same numbers and uploads her broker statement as proof. She e-verifies both.

Total time spent: about two hours, most of it on the conversion sheet. Next year, with the sheet already built, it will take less.

### The same example for a lower slab investor

Now imagine Meera's younger cousin, Arjun. He holds similar stocks but sits in a lower income tax slab.

His Indian tax on the dividends is lower than the US tax withheld. So India allows credit only up to his Indian tax on that income. He pays nothing more in India on those dividends.

But part of the US tax is lost. It cannot be refunded in India or carried forward. For Arjun, a high-dividend strategy carries a quiet tax drag.

He still files Form 67. Without it, he would pay full Indian tax on top of the US withholding. Form 67 limits his loss to the excess US tax alone.

## Decision Clarity: What You Should Do Next

Here is the decision block we promised. Use it as a quick filter.

- Resident Indian with US dividends and US tax withheld? File Form 67 for FY 2025-26 income.

- If you filed your ITR on time but skipped Form 67, file it before 31 March 2027 under Rule 128(9).

- If you have not filed your ITR yet, file your return and Form 67 together.

- Only sold US shares with no US tax withheld? You usually have nothing to claim through Form 67.

- If you are an NRI with no Indian tax on foreign income, you usually do not need Form 67.

- If you are RNOR, check your income type before assuming you need or do not need Form 67.

- If your timeline to return to India is short, avoid starting new foreign accounts without a tax-transition plan.

- If your goal is global exposure with less annual paperwork, compare GIFT City funds before opening a direct brokerage account.

- If your income is earned from tax year 2026-27 onwards, prepare for Form 44 instead of the old Form 67.


### What resident Indians should do

If you are a resident Indian, Form 67 is part of the cost of investing directly in US stocks. Build a quarterly tracking habit.

File Form 67 with your ITR every year. Prepare for Form 44 from the next filing cycle.

If the paperwork feels heavy, consider whether a GIFT City route fits better for part of your global allocation.

### What NRIs should do

If you are an NRI, Form 67 is usually not your concern while you live abroad. Your focus should be your tax filings in your country of residence and your Indian income in India.

If you plan to return, map the year your status will change. That is the year Form 67, or Form 44, begins for you.

## While You Are Sorting Taxes, Look at the Rest of Your Money

Tax season is a good time for a broader money review. Many of our readers use this moment to check other parts of their financial life.

### For NRIs building an India base

If you are an NRI investing in India, fixed deposits are often the first step. Our guide comparing [GIFT City FDs vs FCNR, NRO, and NRE FDs](https://getbelong.com/blog/gift-city-fd-vs-fcnr-vs-nro-and-nre-fds/) explains how each one is taxed and repatriated.

You can compare current deposit offers using our [NRI FD rates tool](https://getbelong.com/tools/nri-fd-rates/). If you want a dollar deposit in GIFT City, see our [USD fixed deposits](https://getbelong.com/products/usd-fixed-deposits/) page.

If you are planning a home in India, our guide to [NRI home loans](https://getbelong.com/blog/nri-home-loans/) covers eligibility, documents, and repayment. Your credit history matters for that loan. Our guide to the [CIBIL score](https://getbelong.com/blog/cibil-score/) explains how it works and how to rebuild it after years abroad.

Setting up spending again after returning? Our guide to the [best credit cards in India](https://getbelong.com/blog/best-credit-cards-in-india/) can help you pick a suitable card.

### For investors watching Indian markets from abroad

Many global investors also track India's market mood before the Indian open. Our [GIFT Nifty tracker](https://getbelong.com/tools/gift-nifty/) shows live movements. Our [GIFT Nifty weekly outlook](https://getbelong.com/blog/gift-nifty-live-weekly/) adds context each week.

To understand the data behind it, read our guide to [GIFT Nifty historical data](https://getbelong.com/blog/gift-nifty-historical-data/). Our explainer on [reading the GIFT Nifty chart](https://getbelong.com/blog/gift-nifty-chart-explained/) helps too. Experienced traders may also want our guide to [GIFT Nifty futures](https://getbelong.com/blog/gift-nifty-futures/) and our [futures and options](https://getbelong.com/products/futures-and-options/) page.

### For investors exploring more of GIFT City

GIFT City also hosts IPOs and alternative funds. Our explainer on the [GIFT City IPO](https://getbelong.com/blog/ipo/gift-city-ipo/) market covers how listings there work. Our [IPO](https://getbelong.com/products/ipo/) page shows what is available through [Belong](https://getbelong.com/).

For larger portfolios, our [GIFT City alternative investment funds tool](https://getbelong.com/tools/gift-city-alternative-investment-funds/) lets you compare AIF options. India-focused investors may look at the [Tata India Dynamic Equity Fund](https://getbelong.com/tools/gift-city-mutual-funds/tata-india-dynamic-equity-fund/). The [Sundaram India Mid Cap Fund](https://getbelong.com/tools/gift-city-mutual-funds/sundaram-india-mid-cap-fund-gift/) is another GIFT City option.

Prefer picking individual Indian companies? Our list of [best stocks](https://getbelong.com/blog/best-stocks/) is a research starting point, not a buy list.

Each of these choices carries its own tax treatment. Always check how a product is taxed for your residential status before you invest.

## A Final Checklist Before You Close the Portal

Before you log out, run through this short list.

1. Your residential status for the year is confirmed.

2. Dividends and US tax are split by Indian financial year.

3. Each amount is converted using the telegraphic transfer buying rate for the prior month-end.

4. Credit is computed per country and per source.

5. Your ITR schedules for foreign income, tax relief, and foreign assets are filled.

6. Form 67 numbers match your ITR schedules exactly.

7. Broker tax statements are uploaded as proof of deduction.

8. Form 67 is e-verified and the acknowledgement is saved.

9. You know which form applies to next year's income: Form 44 under the new Act.


If every line is ticked, you are done for the year. Close the portal and get back to investing.

## Frequently Asked Questions

### Do I need to file Form 67 if I only sold US shares and got no dividends?

Usually not. Form 67 is for claiming credit on foreign tax actually paid.

If your broker did not withhold US tax on your sale, there is no foreign tax to claim. You still report the capital gain in your Indian return.

### What is the last date to file Form 67 for FY 2025-26?

Under [Rule 128(9)](https://www.incometaxindia.gov.in/w/rule-128-1), Form 67 can be filed by the end of the assessment year. This applies if your return was filed within section 139(1) or 139(4) timelines.

For FY 2025-26, the assessment year ends on 31 March 2027. Filing it with your ITR remains the safest approach.

### Is Form 67 required for NRIs investing in US stocks?

Generally no. NRIs are usually not taxed in India on foreign income such as US dividends.

With no Indian tax on that income, there is nothing to credit. The picture changes once you become a resident and ordinarily resident in India.

### Is Form 67 being replaced?

For income under the new Income-tax Act, 2025, the department describes [Form 44](https://www.incometaxindia.gov.in/documents/d/guest/fn-44) as the credit statement. It falls under Rule 76.

The new Form 67 is a different report on book profit and alternate minimum tax. Use the old Form 67 for FY 2025-26 income and check the portal for Form 44 from the next cycle.

### Do I need a CA to file Form 67?

Not necessarily. The [Form 67 FAQ](https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form67-faq) says a CA certificate is not mandatory to verify foreign tax credit details.

Under the new Form 44, accountant verification applies above a threshold of foreign tax paid. Complex cases still benefit from professional help.

## Sources

- Income Tax Department, [Rule 128 of the Income-tax Rules, 1962](https://www.incometaxindia.gov.in/w/rule-128-1)

- Income Tax e-filing portal, [Form 67 FAQ](https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form67-faq)

- Income Tax e-filing portal, [Form 67 user manual](https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form67-um)

- Income Tax Department, [Form No. 44: foreign income and foreign tax credit](https://www.incometaxindia.gov.in/documents/d/guest/fn-44)

- Income Tax Department, [FAQs on Form 44 and Form 45](https://www.incometaxindia.gov.in/documents/d/guest/form-44-45-faqs)

- Income Tax Department, [Form No. 67 under the Income-tax Rules, 2026](https://www.incometaxindia.gov.in/documents/d/guest/fn-67)

- Income Tax Department, [FAQs and guidance notes on forms under the Income-tax Rules, 2026](https://www.incometaxindia.gov.in/faqs-and-guidance-notes-on-forms-as-per-income-tax-rules-2026)

- Income Tax Department, [India-US DTAA, Article 25: relief from double taxation](https://incometaxindia.gov.in/DTAA%20Articles/USA/108020000000007117.htm)

- Reserve Bank of India, [Master Direction on the Liberalised Remittance Scheme](https://www.rbi.org.in/Scripts/BS_ViewMasterDirections.aspx?id=10192)


## Disclaimer

This article is for general education only. It is not tax, legal, or investment advice. Tax rules, forms, and deadlines change, and the transition to the Income-tax Act, 2025 is still being implemented on the e-filing portal. Your situation depends on your residential status, income type, and personal facts. Please verify the current rules on the official income tax portal and consult a qualified tax professional before filing. [Belong](https://getbelong.com/) and its team are not responsible for decisions taken solely on the basis of this article.


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