Schedule FA Checker
Find out instantly whether you must disclose your foreign assets in your income tax return — and avoid the ₹10 lakh per-asset penalty.
- Free — no sign-up
- Instant, on-screen results
- Built by our CA · CS team
- Rules cited on the page
Fill in the details — the answer on the right updates as you go.
Asset-wise disclosure
| Foreign asset type | Held? | Disclose in Schedule FA? |
|---|
Get your Schedule FA filed correctly by a CA
We report every foreign asset accurately and keep you safe from Black Money Act penalties.
Disclaimer: Indicative guidance based on Schedule FA of the ITR and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Residential status and disclosure obligations are fact-specific — confirm with a professional before filing.
What is Schedule FA?
Schedule FA is the "Foreign Assets" schedule in the Indian income tax return (ITR-2 and ITR-3). A person who is Resident and Ordinarily Resident (ROR) must report every foreign asset, account, signing authority and beneficial interest held at any time during the relevant period — regardless of whether it produced any income. Failing to disclose exposes you to the Black Money Act, 2015.
How Schedule FA works
Schedule FA is filed inside your ITR each year. It runs on a calendar-year basis for most tables — you report the peak and closing balances of foreign assets held during the relevant calendar year ending within the financial year.
Confirm ROR status
Only a Resident and Ordinarily Resident triggers the obligation. RNOR and Non-Residents are outside Schedule FA entirely.
File ITR-2 or ITR-3
Holding any foreign asset bars you from the simple ITR-1/ITR-4. Use ITR-2 (no business income) or ITR-3, which contain Schedule FA.
Report on a calendar-year basis
Most tables (bank, custodial, equity, insurance) ask for the peak & closing value during the calendar year ending in the tax year.
Key terms explained
Resident & Ordinarily Resident (ROR)
An individual who is a tax resident of India and does not meet the "not ordinarily resident" carve-outs. Only an ROR must file Schedule FA and disclose worldwide assets.
Black Money Act, 2015
The Black Money (Undisclosed Foreign Income and Assets) Act imposes tax and a penalty of ₹10 lakh for each foreign asset that a resident fails to disclose in Schedule FA — with possible prosecution.
Foreign asset
Any bank account, custodial account, equity or debt interest, ESOP, immovable property, insurance contract, trust or entity located or issued outside India — plus any signing authority or beneficial interest.
₹10 lakh penalty
Levied per undisclosed asset, per year — irrespective of the asset's value or the income it earned. A single non-disclosed foreign account can attract the full penalty.
Questions people ask
Short answers on Schedule FA Requirement Checker. Tap a question to open it.
01Who must fill Schedule FA in the ITR?
A person who is resident and ordinarily resident in India and, at any time during the relevant period, held any foreign asset, was a beneficial owner of one, or had signing authority over a foreign account. Non-residents and RNORs do not fill it.
02Which assets have to be reported?
Foreign bank accounts, custodial accounts, financial interests in any entity, immovable property, foreign equity and debt including ESOPs and RSUs of a foreign parent, foreign cash-value insurance or annuity contracts, and any other capital asset held abroad.
03Do I have to report even if there is no income from the asset?
Yes. Schedule FA is a disclosure requirement, not an income requirement. A dormant foreign bank account with a nil balance movement still has to be reported if it existed during the period.
04What is the penalty for not disclosing a foreign asset?
Under the Black Money Act, a penalty of ₹10 lakh for failure to disclose a foreign asset, and prosecution in serious cases, quite apart from tax on any undisclosed income. The threshold relief applies only to certain low-value bank accounts.
05Which period does Schedule FA cover?
The calendar year ending before the end of the relevant accounting period — so for a return of FY 2026-27, the disclosure covers the calendar year 2026, not the financial year. This is a frequent filing error.
More Income Tax & TDS tools
Picked from the same shelf. Every tool is free and runs in your browser.
Disclaimer: This tool gives indicative results for general guidance only and is not professional advice. Please verify with a qualified CA before acting on the numbers.