Economic Times7h agoPoliticsIndia
Foreign Asset Disclosure in ITR: Who Needs to Report and What to Include
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- Resident and ordinarily resident individuals must report foreign assets in Schedule FA of their income tax return by July 31, 2026.
- Non-residents and resident but not ordinarily resident individuals are exempt.
- Reporting includes peak values and beneficial ownership, with penalties for non-compliance under the Black Money Act.
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Resident and ordinarily resident individuals must report foreign assets in Schedule FA of their income tax return by July 31, 2026. Non-residents and resident but not ordinarily resident individuals are exempt. Reporting includes peak values and beneficial ownership, with penalties for non-compliance under the Black Money Act.
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This article was originally published by Economic Times.
