Daassociates

 With globalization, it has become common for Indian residents to hold financial interests outside the country—such as overseas bank accounts, real estate, or investments in foreign companies. While such holdings are perfectly legal, they come with important compliance requirements. To ensure transparency and prevent tax evasion, the Indian Income Tax Department mandates the reporting of these assets through Schedule FA (Foreign Assets) in the annual Income Tax Return (ITR). The Schedule FA foreign asset reporting rules are strict, and failure to comply can result in significant penalties under the Income Tax Act as well as the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 . Let’s understand these rules in detail. What is Schedule FA? Schedule FA is a section in the ITR forms where taxpayers are required to disclose their overseas assets and income .  schedule FA foreign asset reporting rules   It applies to individuals who qual...