Form 67 field-by-field: RSU holders and US stock investors

Form 67 is the document that converts your US tax withholding from a sunk cost into a credit against Indian tax. For Indian residents holding US stocks or RSUs that pay dividends, it's worth filing carefully.

Most guidance on Form 67 covers what it does. This guide covers how to fill it — every field, every section, with the specific inputs that apply to RSU holders and US stock portfolios.

AY 2027-28 note: From Assessment Year 2027-28 onwards (Tax Year 2026-27), Form 67 is renumbered Form 44 under the new Income-tax Act, 2025. The fields and logic are the same. Everything in this guide applies to Form 67 (AY up to 2026-27); Form 44 filers should follow the same field logic.

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Who this guide is for

You need Form 67 if all three of the following are true:

1. You are a tax resident of India (resident and ordinarily resident, or resident but not ordinarily resident)
2. You received income from a foreign country (US dividends, RSU vesting income with foreign tax withheld, etc.)
3. Foreign tax was withheld or paid on that income, and you are claiming a credit for it in your Indian ITR

You do not need Form 67 for capital gains from selling US stocks — under the US-India DTAA, capital gains on listed US equities are taxed only in India. No US tax is withheld on your stock sale proceeds, so there is nothing to credit.

The common Form 67 scenarios for an Indian US investor:

Income event	US tax withheld?	Form 67 needed?
Quarterly dividend from US stock	Yes — 25% on gross dividend	Yes
RSU vesting (employer withholds shares)	Typically no; possible if NRA withholding applies	Only if US tax was actually withheld
Sale of US stock (STCG or LTCG)	No	No
Interest from US money market or bonds	Often yes — 15–30% depending on treaty	Yes

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Before you open the portal: documents you need

Gather these before starting. The portal does not save partial progress reliably.

From your broker's tax documents:

• Form 1042-S — issued by US brokers for dividends and certain interest paid to non-US persons. Shows gross income (Box 2), withholding (Box 7), country of tax residence (Box 13), and income code (Box 1: code 06 = dividends, code 01 = interest).
• Annual account statement or dividend history — lists each dividend payment, the gross amount, and the US tax withheld. Available from Vested, IBKR, or your brokerage's tax centre.
• Form 26AS and AIS — to cross-check that foreign income is reported in your Annual Information Statement (it usually isn't pre-filled; you add it in the ITR).

Currency conversion:

India requires all foreign income to be converted to INR using the SBI TTBR (Telegraphic Transfer Buying Rate) published by State Bank of India on the last day of the month immediately preceding the month in which income is credited or received (per Rule 115 of the Income Tax Rules).

Practically: if a dividend was credited on March 15, 2025, use the SBI TTBR for February 28, 2025. Maintain a record of these rates — the portal doesn't calculate them for you.

For each dividend payment, note:

• Date of credit
• Gross dividend in USD
• US tax withheld in USD
• SBI TTBR applicable for that month
• Gross dividend in INR (gross USD × TTBR)
• US tax in INR (withheld USD × TTBR — use the same TTBR as the income)

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Where to file

Form 67 is filed on the Income Tax e-filing portal, not separately. The flow:

Portal: https://www.incometax.gov.in

Navigation path: Login → e-File → Income Tax Forms → File Income Tax Forms → Form 67

Form 67 must be filed before or simultaneously with your ITR. You cannot file it after submitting the ITR for the same assessment year. This is the most common reason FTC claims are rejected — the taxpayer filed the ITR first and assumed Form 67 could follow.

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Form 67 — section by section

Part A: Basic information

These fields auto-populate from your PAN profile. Verify them.

Field	What to enter
Name	As per PAN — verify against your PAN card
PAN	Auto-filled
Assessment Year	For income earned in FY 2025-26, this is 2026-27
Return type	Select the ITR form you are filing (ITR-2 for most salaried RSU holders with capital gains)
Address	Your Indian residential address

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Part B: Details of foreign income and tax paid (the main section)

This is where most errors happen. Part B has a table where you enter one row per country per income type. For US dividends, that means:

If you received dividends from multiple US stocks — you aggregate them all into a single row for "USA" / "Dividends." You do not need a separate row per stock ticker.

If you received both dividends and interest from US sources — enter two rows: one for dividends, one for interest. These are different income types under the form.

Row-by-row field breakdown:

Column 1: Country name / Country code

Enter United States of America / US. The portal has a dropdown — search "United" and it will appear.

Column 2: Income type / Nature of income

Select from the dropdown:

• Dividend — for dividends from US stocks (most common)
• Interest — for interest income
• Salary — only if you had US-source salary with US tax withheld (rare for India-based employees)
• Other income — catch-all; avoid unless necessary

Column 3: Income earned / credited in foreign currency

Enter the gross (pre-tax) income in the foreign currency (USD).

If you received dividends from multiple stocks across multiple dates, aggregate the gross dividend USD received across the full financial year. Do not enter the net-of-withholding amount.

Example: You received dividends from AAPL ($120 gross, $30 withheld), MSFT ($80 gross, $20 withheld), and VOO ($200 gross, $50 withheld) throughout the year.

• Column 3 entry: $400 (gross total)

Column 4: Foreign tax paid in foreign currency

The total US withholding tax paid on the income type in Column 2.

Continuing the example above:

• Column 4 entry: $100 (total withheld — $30 + $20 + $50)

Column 5: Exchange rate (for conversion to INR)

Use the SBI TTBR rate applicable per Rule 115. If your dividends came in at different points in the year with different rates, the technically correct approach is to convert each dividend payment individually (gross in INR = gross USD × TTBR for that payment's month) and sum the INR amounts.

Many taxpayers, for simplicity, use the year-end TTBR (March month rate) — this is technically incorrect per Rule 115 but is rarely challenged for small differences. For material amounts, use the correct month-wise rates.

Enter the exchange rate as INR per 1 USD (e.g., 84.50 if the SBI TTBR rate for the relevant period was ₹84.50 per USD).

Column 6: Income in INR

Gross income converted to INR = Column 3 (USD) × Column 5 (TTBR).

If you did month-wise conversion, enter the sum of INR amounts here and adjust Column 5 to reflect the weighted average rate (or the portal may accept the direct INR entry).

Column 7: Foreign tax paid in INR

Withheld tax converted to INR = Column 4 (USD) × Column 5 (TTBR). Use the same exchange rate logic as Column 6.

Column 8: Tax payable in India on this income (before FTC)

This is the Indian tax applicable on the Column 6 income at your marginal slab rate for ordinary income (dividends are taxed as "income from other sources" at slab rate in India).

Example: If Column 6 = ₹33,800 of dividend income and you are in the 30% slab:

• Column 8 = ₹33,800 × 30% = ₹10,140

Note: Do not include surcharge or health and education cess in this column. The portal uses the base tax rate.

Column 9: FTC claimed (lower of Column 7 and Column 8)

The credit is the lower of:

• Foreign tax paid in INR (Column 7), or
• Indian tax payable on the same income (Column 8)

This is the "lower-of rule" — India will not give you a credit exceeding what you would have paid in India anyway. In practice for dividends:

• US withholding = 25% of gross
• Indian slab rate = typically 30% of gross
• 25% < 30%, so the full US withholding is usually creditable

The portal calculates this automatically once you fill Columns 7 and 8.

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Part C: Certificate / proof of foreign tax paid

You must attach documentary evidence. The portal accepts PDF uploads.

What to upload:

1. Form 1042-S — the primary document. US brokers issue this for dividend income to non-US persons. It shows gross income, withholding, and the nature of income.

2. Annual broker tax statement — if Form 1042-S is not available (some retail brokers don't issue it for small accounts), the annual dividend statement showing gross and net payments is acceptable. It should be on official broker letterhead or portal download.

3. Transaction-level dividend history — a CSV or PDF export from your broker showing each dividend credit. Attach as a secondary supporting document.

File naming tip: Rename files before upload to something descriptive like Form-1042S-FY2025-26-Vested.pdf. The portal's upload UI is rudimentary and doesn't rename files.

Upload format: PDF only. Max file size per upload is typically 5 MB. Combine documents into a single PDF if needed.

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Part D: Declaration

The declaration confirms:

• You are the taxpayer (or authorized representative)
• The information is true and correct to the best of your knowledge

Enter your name, PAN, and the date. If filing as a representative assessee, enter the capacity.

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Verifying the form before submission

Before clicking Submit, cross-check:

Check	How
Total foreign income matches ITR Schedule FSI	Open your ITR draft — Schedule FSI (Foreign Source Income) must show the same income amounts
FTC claimed matches ITR Schedule TR	Schedule TR (Tax Relief) in the ITR should show the same credit amount as Column 9 of Form 67
No mismatch between Form 67 income and 26AS/AIS	If your AIS shows a different amount, reconcile before filing
Form 67 filed before or with ITR	Do not submit the ITR first

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Submission and acknowledgment

After submission, the portal generates a Form 67 acknowledgment number. Save this — it's your proof of filing and may be required if the ITR is processed with an FTC-related query (intimation under Section 143(1)).

The acknowledgment does not mean the credit is approved. Approval happens when the ITR is processed. If the FTC is disallowed in the 143(1) intimation, you can file a rectification request under Section 154.

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RSU-specific scenarios

Scenario 1: RSUs with dividend equivalents

Some US employers pay dividend equivalents on unvested RSUs — a cash payment equal to dividends declared on the underlying shares, paid to employees holding unvested awards. These may appear on your Form 1042-S as income code 06 (dividends) or 34 (dividend equivalents — notional principal contracts).

Treatment: Taxable as salary/perquisite in India at vesting. If US tax was withheld on the dividend equivalent, you can claim FTC. Enter in Form 67 under "Dividend" or "Other income" based on the 1042-S income code.

Scenario 2: RSUs with no US withholding

Most RSU vesting for Indian residents has no US withholding — the employer withholds Indian tax (TDS) and the shares vest at full FMV as a taxable perquisite in India. There is nothing to claim in Form 67 for the RSU vesting income itself.

You need Form 67 only if your brokerage account separately credited dividends from any shares you hold (including RSU shares already vested).

Scenario 3: US dividends from ESPP or RSU shares held post-vest

If you sold some RSU shares and held others, you will receive dividends on the held shares. These dividends will appear in your broker's year-end statement. File Form 67 for these dividends in the year they are received.

Scenario 4: You held both direct US stocks and RSU shares

Aggregate dividends from all sources (direct purchases + RSU shares held) into a single "Dividends / USA" row in Form 67. The broker's consolidated 1042-S or annual statement covers all holdings together.

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Common errors that get FTC disallowed

1. Filing Form 67 after the ITR

The portal allows you to file Form 67 after ITR submission, but the Income Tax Department's position (supported by multiple ITAT rulings) is that Form 67 filed after the original ITR due date does not qualify for FTC. The CBDT has issued circulars clarifying this, and the issue is still litigated. To be safe, file Form 67 on or before the ITR due date, before submitting the ITR.

2. Using net (post-withholding) income instead of gross income

If your broker shows you received $75 in dividends and $25 was withheld ($100 gross), enter $100 in Column 3 — not $75. The income taxable in India is the gross dividend, not the net receipt.

3. Using incorrect exchange rates

Using a Google rate or average annual rate instead of SBI TTBR on the correct date will cause discrepancies if the ITR is scrutinized.

4. Not attaching proof

Form 67 without documentary evidence of foreign tax paid is rejected during processing. The Form 1042-S or broker statement must be uploaded.

5. Mismatch between Form 67 and ITR schedules

If Schedule FSI in your ITR shows a different income amount than Form 67, the credit may be disallowed without a formal query. Reconcile before submitting either.

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The deadline

Form 67 must be filed by the due date for filing your ITR — which is:

• July 31 for most individual taxpayers (no audit)
• October 31 for taxpayers subject to audit

If you missed the deadline and have now filed a belated return (filed after July 31 but before December 31 of the assessment year), the FTC position on belated returns is contested — multiple ITAT benches have ruled both ways. Filing on time is the only safe position.

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What happens after filing

The ITR is processed typically within 30–90 days of submission. The Section 143(1) intimation will either:

• Allow the FTC — your tax demand is reduced by the credit amount
• Disallow the FTC — usually with a reason code (missing Form 67, mismatch in income, etc.)

If disallowed incorrectly, file a rectification request under Section 154 on the e-filing portal, attaching Form 67 and supporting documents. Do this within 4 years of the end of the assessment year.

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If you need to file Schedule FA alongside Form 67, you can generate your Schedule FA entries for free — it handles the SBI TTBR conversions and outputs table-ready rows for ITR-2. For the deadline calendar, see our Form 67 deadline tracker. For the transition to Form 44, see our Form 67 to Form 44 transition guide.