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Do you need to report foreign assets?

Foreign assets go in Schedule FA — but whether you must file it depends first on your residency. Two quick questions.

What's your residential status this year?

This is what decides whether Schedule FA applies to you at all.

Who must disclose

Schedule FA applies only to a resident and ordinarily resident (ROR). Non-residents and not-ordinarily-residents do not report foreign assets here.

Disclosure is required even with no income

Schedule FA is about holding the asset, not earning from it. A dormant foreign account or unsold foreign shares must still be disclosed.

Where it goes

Foreign assets → Schedule FA. Foreign-source income → Schedule FSI. Tax paid abroad and claimed as relief → Schedule TR. Only ITR-2 and ITR-3 carry these schedules.

Why it's taken seriously

Non-disclosure of foreign assets is dealt with under the Black Money Act, which carries heavy penalties and prosecution — far harsher than ordinary under-reporting. When in doubt, disclose.

Educational guide for AY 2026-27 — not tax advice. Foreign-asset rules and the Black Money Act are strict; if your residency or holdings are unclear, get it reviewed before filing.

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Frequently asked questions

Who needs to file Schedule FA for foreign assets?
A resident and ordinarily resident who holds any foreign asset — a bank account, shares, ESOPs, or property — or has signing authority in a foreign account, must report it in Schedule FA, even if it earned no income. Non-residents and not-ordinarily-residents generally don't.
Do I report foreign assets even if there's no income?
Yes. Schedule FA is about holding the asset, not earning from it. A dormant foreign bank account or unsold foreign shares must still be disclosed.
Which ITR form is used for foreign assets?
Only ITR-2 and ITR-3 carry Schedule FA (and Schedules FSI and TR for foreign income and tax relief). Holding foreign assets rules out ITR-1 and ITR-4.
What happens if I don't disclose foreign assets?
Non-disclosure of foreign assets is dealt with under the Black Money Act, which carries heavy penalties and possible prosecution — far harsher than ordinary under-reporting. When in doubt, disclose and get it reviewed.