International Tax
Schedule FA (Foreign Assets) — Meaning
The ITR schedule where residents disclose every foreign account, shareholding, property and other asset.
What is Schedule FA (Foreign Assets)?
Schedule FA requires resident and ordinarily resident taxpayers to report foreign bank accounts, shares (including RSUs and ESPP shares), mutual funds, property, insurance and other foreign assets held at any time during the calendar year ending in the tax year, with peak and closing values and income. Non-disclosure can attract a ₹10 lakh penalty under the Black Money Act; since October 2024 that penalty doesn't apply if total movable foreign assets are ₹20 lakh or less, but disclosure remains mandatory. NRIs and RNORs don't fill it.
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More International Tax terms
NRI (Non-Resident Indian)
An Indian citizen residing outside India for more than 182 days in a financial year.
RNOR (Resident But Not Ordinarily Resident)
A transitional residency status for individuals who have recently returned to India after being NRIs.
DTAA (Double Taxation Avoidance Agreement)
Bilateral treaty between India and another country preventing the same income from being taxed twice.
FEMA (Foreign Exchange Management Act)
Indian law governing foreign exchange transactions, cross-border investments and NRI account operations.
LRS (Liberalised Remittance Scheme)
RBI scheme allowing resident individuals to remit up to USD 250,000 per year abroad for permitted purposes.
