Schedule FA – Details of Foreign Assets and Income from Any Source outside India

‘Schedule FA’ in the Income Tax Return (ITR) form is applicable to resident assessees who hold, own, or have a beneficial interest in foreign assets or have income from any source outside India.

The schedule requires details such as foreign bank and custodial accounts, equity or debt interest in entities, insurance or annuity contracts, immovable property, capital assets, financial interests, signing authority in foreign accounts, trusts, and any other foreign-sourced income. The reporting period for these disclosures is the end of the calendar year.

The structure of the schedule includes:

• Part A: Foreign Depository and Custodial Accounts

• Part B: Financial interest in any entity abroad

• Part C: Immovable Property located outside India

• Part D: Other capital assets held abroad

• Part E: Signing authority in any foreign account not covered under Parts A–D

• Part F: Interest in foreign trusts (as trustee, settlor, or beneficiary)

• Part G: Any other foreign-sourced income not included above or derived under the head "Profits and Gains of Business or Profession"

For each category, the assessee must furnish specific details like country name and code, ZIP code, nature and ownership of asset, account or property details, investment value, income derived, and whether such income is taxable and reported in the return. Where applicable, the schedule, amount, and item number where income is offered in the ITR must also be indicated.

This schedule ensures accurate foreign asset reporting and helps the Income Tax Department assess cross-border holdings and income for residents. It is mandatory for all resident taxpayers, except in the case of individuals who are not Indian citizens and were non-residents in earlier years when the foreign asset was acquired, provided no income is derived from such asset in the current year.

This schedule applies to ITR-2, ITR-3, ITR-5, ITR-6 and ITR-7.