Guide · updated November 2026
Schedule FA: reporting foreign assets in your Indian tax return
Resident Indians must list every foreign asset — overseas bank or brokerage accounts, shares, ETFs — in Schedule FA of the ITR each year. Missing it can mean a ₹10 lakh penalty.
Who has to file it
If you are a resident and ordinarily resident in India and held any foreign asset at any time in the reporting period, you must fill Schedule FA in your income-tax return — even if the asset earned nothing and even if your income is below the taxable limit. This means you will file ITR-2 or ITR-3, not ITR-1.
What goes in it
- Overseas bank and brokerage accounts, with peak and closing balances.
- Foreign shares, ETFs and funds, with cost, peak value, closing value and income.
- Any other foreign asset or account where you have signing authority.
Schedule FA uses the calendar year (January to December) that ends in the financial year, not April to March — the most common source of mistakes.
What happens if it is missed
Under the Black Money Act, failing to disclose foreign assets can attract a penalty of ₹10 lakh. From October 2026, prosecution no longer applies for undisclosed movable foreign assets up to ₹20 lakh, but disclosure is still mandatory and the penalty can still apply. If you have missed a year, a revised or updated return is usually the fix — speak to your chartered accountant.
Questions parents ask
Who needs to fill Schedule FA?
Every resident and ordinarily resident Indian who held a foreign asset — such as an overseas brokerage account, foreign shares or ETFs — at any time during the reporting calendar year.
What is the penalty for not reporting foreign assets in India?
Under the Black Money Act, non-disclosure can attract a ₹10 lakh penalty. From October 2026, small movable foreign assets up to ₹20 lakh are exempt from prosecution, but disclosure remains mandatory.
Which period does Schedule FA cover?
The calendar year (January to December) ending during the financial year for which you are filing.
Turn this into a plan for your family
Add your child's grade to see the cost when they start, and how much to save each month.
Sources: Income-tax Act and ITR instructions for Schedule FA; Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, as amended by the Finance Act 2026. General information, not tax or investment advice; rules change, so confirm with your chartered accountant or bank before acting.