Foreign Asset Disclosure (Schedule FA) for NRIs & Returning NRIs
When Schedule FA applies, what to report and Black Money Act exposure
- 1InventoryAll foreign assets listed by calendar year.
- 2ValuePeak and closing values converted.
- 3ReportSchedules filed; credit claimed.
Share your details. We’ll reply on WhatsApp with the next steps and a checklist.
Pick a plan — the fee is adjusted if you hire us within 30 days.
About Foreign Asset Disclosure (Schedule FA) for NRIs & Returning NRIs
A clear overview, in simple terms — what it is, why it matters, and how we handle it.
Schedule FA — the foreign asset schedule in the ITR — applies only to residents who are ordinarily resident (ROR); NRIs and RNORs don't file it. Once you become ROR, every foreign bank account, share, RSU, fund, insurance policy and property held at any time during the relevant calendar year must be reported, even with no income. Missing it can attract a ₹10 lakh penalty under the Black Money Act, though the penalty doesn't apply where the aggregate value of non-immovable assets is up to ₹20 lakh.
Returning NRIs often miss Schedule FA in their first ROR year because the reporting period is the calendar year, not the financial year — for FY 2025-26, it covers assets held in calendar year 2025.
We inventory foreign assets, convert values at the prescribed rates, report income in the schedules for foreign income and claim foreign tax credit where tax was paid abroad. Earlier omissions are corrected through revised or updated returns.
| Who files | Ordinarily residents (ROR) only |
|---|---|
| Period | Calendar year ending in the financial year |
| What | Foreign accounts, shares, RSUs, funds, insurance, property, signing authority |
| Penalty | ₹10 lakh under the Black Money Act; not applicable if aggregate non-immovable assets ≤ ₹20 lakh |
Who this is for
Common scenarios where this service is a good fit.
- Returning NRIs in their first ROR year
- Residents with foreign RSUs, ESPPs or bank accounts
- Residents who missed Schedule FA earlier
What you get
Clear deliverables so you know exactly what's included.
- Foreign asset inventory
- Schedule FA, FSI and TR preparation
- Foreign tax credit claim
- Correction of earlier omissions
Expert review before every submission — not just data entry.
Working notes and reconciliations you can rely on in future notices.
Resident Indians, NRIs, expats and cross-border businesses — all served.
Documents required
A practical checklist. We'll tell you if anything else is needed based on your case.
* This is a base checklist. After a quick pre-check, we may ask for additional items specific to your case.
Process
A simple, trackable workflow — designed to avoid back-and-forth.
All foreign assets listed by calendar year.
Peak and closing values converted.
Schedules filed; credit claimed.
Get a quote
We share a clear quote on WhatsApp after a quick checklist pre-check.
- Fixed quote on WhatsApp after a short look at your facts and documents.
- Government fees, if any, are paid at actuals and shown separately.
| Factor | DIY | Indus Tax |
|---|---|---|
| Expert review | ❌ | ✅ |
| Notice risk reduction | ❌ | ✅ |
| Deduction optimisation | ❌ | ✅ |
| Audit-ready records | ❌ | ✅ |
| AIS/26AS reconciliation | ❌ | ✅ |
Share your facts and deadline. We'll reply with the right checklist and a clear quote.
- CA reads your case before the call
- DTAA, property, capital gains covered
- Written summary + checklist after
- Fee adjustable if you engage us
Frequently asked questions
Answers to the most common questions we get.
This page also covers
- Foreign income reporting
- Schedules for foreign income and tax relief.
Official sources
Indus Tax is a private professional services firm and is not affiliated with any government authority. Rules and fees change — we confirm current positions before filing.
