Foreign Asset Disclosure
Schedule FA disclosure requirements under FEMA and Income Tax.
The Foreign Asset Disclosure tool checks whether you need to report foreign assets or foreign income in Schedule FA of your income-tax return, based on your residential status and what you hold abroad. It is for taxpayers with accounts, property, shares or income outside India. Non-disclosure can attract severe penalties under the Black Money Act, 2015.
Use the Foreign Asset Disclosure
Do you hold / earn any of these abroad?
Disclosure Assessment
Select status and assets
Check whether you need to disclose foreign assets / income in your Income Tax Return under Schedule FA. Black Money Act 2015 imposes severe penalties (300% of tax, plus imprisonment) for non-disclosure.
Black Money Act 2015 - severe consequences:
- Penalty under Sec 42 / 43: ₹ 10 lakh for failure to furnish a return, or failure to disclose (or inaccurate disclosure of) a foreign asset or foreign income in the return (separate from tax demand).
- Small-asset relief (from 1 October 2024): The Sec 42 / 43 penalty does not apply where the foreign asset(s), other than immovable property, have an aggregate value not exceeding ₹ 20 lakh (earlier: only foreign bank accounts with aggregate balance up to ₹ 5 lakh). Finance Act, 2026 extends the same ₹ 20 lakh threshold to prosecution under Sec 49 / 50, retrospectively from 1 October 2024. Foreign immovable property of any value is outside this relief, and the asset must still be reported in Schedule FA.
- Penalty under Sec 41: 300% (three times) of the tax computed on undisclosed foreign income / asset.
- Imprisonment: Rigorous imprisonment of 6 months to 7 years for wilful failure to disclose a foreign asset / income in the return (Sec 50), and 3 to 10 years for wilful attempt to evade tax (Sec 51).
- No statute of limitation: Foreign assets/income can be reopened anytime (no 4 / 6 / 10 year limit).
- FAST-DS 2026: The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (Chapter IV, Finance Act, 2026; scheme in force from 16 August 2026) is open for declarations until 31 December 2026 for eligible past non-disclosures. Eligibility conditions apply.
- Calendar-year reporting: Schedule FA covers foreign assets held at any time during the calendar year ending 31 December before the end of the financial year (for the FY 2025-26 return, 1 January to 31 December 2025). Foreign income is still reported for the financial year.
- AIS / AEOI matching: Common Reporting Standard (CRS) shares foreign account data with India - mismatches with ITR trigger notices.
Important note: This tool provides an indicative output only. It does not factor in every special provision, surcharge, exception, or recent notification. Verify with the firm before acting on any computation.
Frequently Asked Questions
Who has to fill Schedule FA in the income tax return?
Schedule FA must be filled by taxpayers who are Resident and Ordinarily Resident and hold foreign assets or have income from sources outside India, such as foreign bank accounts, property, shares, ESOPs or RSUs, or signing authority on a foreign account. As explained on this page, NRIs do not need to fill it, and RNORs generally do not.
What is the penalty for not disclosing foreign assets in the ITR?
Under the Black Money Act, 2015, non-disclosure of a foreign asset or foreign income in the return can attract a penalty of Rs 10 lakh under Section 43. From 1 October 2024, this penalty does not apply where the foreign assets, other than immovable property, have an aggregate value of Rs 20 lakh or less; the Finance Act, 2026 applies the same threshold to prosecution. Undisclosed foreign income or assets can also attract a penalty of three times the tax under Section 41.
How does the foreign asset disclosure checker work?
Select your residential status and tick the foreign assets or income you hold. For an NRI, the tool shows Schedule FA as not required; for an RNOR, as generally not required, with caveats. For an ROR who ticks any item, it shows disclosure as mandatory and lists what to report in Schedule FA of ITR-2 or ITR-3.
Due in the next 30 days
FEMAFull compliance calendar → Statutory dates, which can be extended by notification. General information only.