# FBAR & FATCA (Form 8938) Reporting

> US citizens, green-card holders and US tax residents must file an FBAR (FinCEN Form 114) if the total of their foreign accounts exceeded USD 10,000 at any time in the year — including Indian savings, NRE/NRO, fixed deposits, demat and PPF accounts. Form 8938 is a separate IRS form for foreign financial assets above higher thresholds (for those living abroad, USD 200,000 at year-end or 300,000 at any time if single). The FBAR is due 15 April with an automatic extension to 15 October.

Practice: US Tax Services — https://www.industax.com/services/us-tax/

Penalties for non-wilful FBAR violations can be significant, but people who missed filings innocently can often catch up through the IRS's Streamlined Filing Compliance Procedures.

We list all reportable Indian accounts, compute maximum values in USD, file FBAR and 8938, and handle catch-up filings where years were missed.

## Key facts

| Item | Detail |
| --- | --- |
| FBAR threshold | USD 10,000 aggregate at any time |
| FBAR due | 15 April; automatic extension to 15 October |
| Form 8938 (living abroad, single) | USD 200,000 year-end / 300,000 any time |
| Includes | Bank, NRE/NRO, FD, demat, PPF and similar accounts |
| Catch-up | Streamlined procedures for non-wilful cases |

## Who needs this

- US citizens and green-card holders with Indian accounts
- H-1B and L-1 holders who are US tax residents
- Americans living in India

## What's included

- Account inventory
- FBAR and 8938 filing
- Streamlined catch-up
- Indian ITR coordination

## Documents

- Indian account statements
- Maximum balance details
- Prior US returns

## Process

1. **List** — All reportable accounts identified.
2. **Value** — Maximum balances converted to USD.
3. **File** — FBAR and 8938 submitted.

Work that legally requires a US enrolled agent or CPA is signed by a partner professional; Indus Tax coordinates it.

## FAQs

### Do H-1B holders need to file FBAR for Indian accounts?

Yes, if they are US tax residents (usually under the substantial presence test) and their foreign accounts exceed USD 10,000 in aggregate.

### Is the FBAR filed with the tax return?

No. It is filed separately with FinCEN through the BSA E-Filing system.

### What if I didn't know about FBAR?

If the failure was non-wilful, the Streamlined Filing Compliance Procedures let you file past returns and FBARs with reduced or no penalties.

## Official sources

- FinCEN — BSA E-Filing (FBAR): https://bsaefiling.fincen.treas.gov/
- IRS — Internal Revenue Service: https://www.irs.gov/

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Canonical page: https://www.industax.com/services/us-tax/fbar-fatca-reporting
Publisher: Indus Tax — CA-led tax and compliance firm (https://www.industax.com). Contact: info@industax.com, 9059139258.
This is general information, not advice for your specific facts.