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How to disclose Foreign Asset in Schedule FA | How to fill Schedule FA in ITR | Summon 4 Schedule FA
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- Опубліковано 17 тра 2024
- Non-reporting foreign shares and other foreign assets held by you in your income tax return (ITR) can be held liable for violating the Black Money Act, 2015. Its is mandatory for an individual to fill schedule FA of the ITR if they had invested in foreign assets (such as foreign shares, foreign company mutual funds etc.) directly or have held employee stock options (ESOPs) of foreign companies.
In other words, all the foreign assets held by you either legally, as a beneficiary, or as a beneficial owner should be disclosed while filing the ITR 2 or ITR 3, as appropriate.
As per the Income Tax Act of 1961, residents and ordinarily resident Indians should report their foreign income, assets, accounts, and shares in the schedule FA in ITR in a given format, irrespective of whether the income is taxable in India or not. This schedule helps curb tax evasion through offshore routes.
In addition to the above, the resident can also avoid paying double tax on the same income by claiming relief under the DTAA (Double Taxation Avoidance Agreement). DTAA, or the double taxation avoidance agreement, is a type of agreement signed between two nations that ensures that the taxpayer does not have to pay taxes multiple times in different countries.
Irrespective of the slab rate applicable or income earned, you must file an ITR if you hold any foreign asset at any time in the financial year. If you need assistance filing your tax return with foreign Income, our team of online CAs is your best bet to reduce your overall tax liabilities.
see full video to answer of your all queries and drop messages in comment box if you think that something need to be asked.
#scheduleFA
#itr
#caabhishekjain
Thanks for proper clarification 👍
Thanks👍👍
I have purchased foreign stocks through Indmoney on NYSE, which includes both stocks of US companies as well as non US companies like Sony Corp. For US companies, there is no issue, but for non-US companies, the Schedule FA forwarded by Indmoney shows the country code as '02-United States', but the company address is shown as that of the parent company e.g. for Sony, it is their address in Japan. I hope this is in order and is supposed to be entered in the same manner in Section A3.
Thank you for the educative Video... Needed a video on the following topic.....An individual is working for an Indian Company (eg TCS) on work permit at their office (TCS) located outside India and his salary is being paid in Foreign Currency of that country by TCS. The individual is also getting separate Indian salary at India being part of TCS. What will be his residential status (temporary period of work permit for one year). The individual has opened a Bank Account in that country to receive his foreign salary. He doesn't have any other share/investment in that country then how to reflect that in ITR. Pl post a video on this.
Dear Sir... Many thanks for great effort to educate us
Thanks a lot for motivating
In case of A2, Do we need to disclose everything? Or we need to disclose transactions that happened in the calendar year only? Example: For the FY 2023-24, let's say my account has 10 shares before the 1st January 2023. So, for the declaration of closing and peak balance, I need to consider 10 shares as well? Or Do I need to consider transactions that happened after 1st January 2023?
In A3, do we need to fill shares bought in previous years as well ? or only shares for this current calendar year ?
I have seen your video on filling FA in the Income Tax portal which is good, impressive and educational. I have the following doubts which may please be clarified.
I got foreign Demat account.
I did the trading of CFD (mostly commodities, Forex, Indices) and got a loss, which may come under short term capital gains.
I think, this I need to disclose and the Schedule is A2. Is this correct? Please clarify.
Will the loss be included in any other schedule to be carried forward?. Please clarify
Share (Only 1 Share ) held as Nominee in Foreign Entity is also required to be disclosed under this schedule?
So the way I see it, foreign shares can be declared in Schedule FA under Table A3 or even Table B. In the explanation of financial interest in Table B; point 2 says "a corporation in which resident assesse owns, directly or indirectly, any share or voting power". So as per this, even table B can be used. Am i correct sir?
If A3 is filled, A2 needs to be obviously filled. Right?
What to fill in schedule FA in case you only have foreign sourced income which is already included in head pgbp but doesn't have foreign assets.? Foreign income earned in Feb 24. Will it be reported in AY 24-25 return ?
Thank you for sharing this informative video. I appreciate your efforts. Could you please create a video explaining the appropriate Income Tax Return (ITR) form to be filed by Indian citizen seafarers working with a foreign company outside India on a foreign ship in international waters under a "contract for services"? They receive professional fees in an NRE account held in an Indian bank. Since they operate under a contract for services and are registered under GST, they file GST returns under Export of Services, where their sales are shown as Export Sales in AIS as per GSTR 3B. Should this income be declared in the ITR under the Exempt Income Schedule? If yes, under which Section is it exempt? Or should only income earned in India be declared? Also in case of Non resident seafarer while filing ITR tax residency jurisdiction is asked but as seafarers work onboard foreign ships in various countries which country should they select as they are not tax resident in any country? Your guidance will help clarify doubts for thousands of seafarers and mariners. 🙏
Great video, sir! Thanks a lot. Under which table will Singapore CPF come under? Is the interest earned by the money in that account taxable in India? It's not taxable in Singapore as it's PF.
Thanks for compliments ..table D is best suitable
It will be grt if you can give feedback on below card..
Thanks,
CA Abhishek Jain
DigiCard: e-digicard.in/caabhishekjain
500000 limit for alll asset or only for bank...too much informative video
Dear Abhishek,
Your video is very useful as I am listening to it. Impressive!
I’m also a CA & would like to discuss with you taxation of FA. Please let me know convenient time.
Sir thanks for ur words...we can connect after 5 pm today
So basically, for most people, it will A1, A2, A3 is what is required.
A1 is for SBM & Federal Bank details. Peak balance is highest held balance from January to December any month. Closing balance as well for December.
A2 is for Alpaca type account.
A3 for equities.
Last year, since I never realised the gains or loss, my CA didn't mention this section at all. This year, I am mentioning it. Any penalty in such case? Because I suffered loss anyways.
Nothing to do with loss or income...its disclosure and penalty upto 10 lakhs for
Non disclosure
@@CAAbhiJain Ok. As per the IndMoney, they said no need to mention SBM Bank India and Federal Bank as both are Indian banks. So only A2 and A3 are required. A2 is Alpaca. Peak, closing, nature of income and amount is confusing as it's just one entry field but I have STCG loss and dividend income. Sigh!
And crypto is another headache as the unrealised one cannot be shown under VDA.
Thanks for great explanation. I have a question about "Period of reporting"
If i sold some RSU of a US based company this year in january. Do i need to report the capital gain and dividends arising from them this year or next year ?
Capital gain and dividend needs to be reported this year only
None of these forms require disclosure of CPF [retirement savings made as per statutory requirement of the country where an NRI was working] balances. I am informed that the retirement benefit savings of NRI working abroad need not be disclosed as no interest is paid out and this savings is mainly to pay some subsistence allowance after retirement. Can you throw light on this. THanks
If any asset as specified in FAschedule is there then needs to be disclosed...irrespective whether they are incurring income or not
Hi sir,
If I had shares of a US company (my company where I am working) it is not listed in Nasdaq. And I have not made sell transaction, I have just held it during the last financial year (I purchased it in Dec-2022). So do I have to declare this in ITR-2 this year?
It should have been shown in ITR for 22-23..
Dear Abhishek ji -- as UK's FY is 6Apr23 to 5Apr24, which is pretty close to India's FY, can I use the UK FY instead of the Calendar year for Peak balance, Closing balance and Interest income for my UK Savings bank / Depository account info in Schedule FA?
No ...from 1st April to 31st December for disclosure
Hello sir... I bought us share in 2022..should i declare them in fy 23-24 itr.. I hv not filled any itr before this.its my first itr
Yes..in consolidated balance
If we invest in an under construction house abroad, should we report it in schedule FA? Because schedule FA asks for Acquisition Date, but under construction house is still not acquired. Please advice.
My doubt is the same
Thank you for informative video Sir. If we have got ESOP from US MNC, which needs to be disclosed in A3 schedule, where we will get custodian details to fill A2 schedule. Is A2 schedule mandatory here?
Yes
Many thanks, Abhishek ji .... very useful video. It would be a great help as I have to include Sch FA for the first time in my ITR-2. I have a query ... I hold a UK passport and OCI Card. I moved to India in Apr-21 and am engaged in full-time charity work in India since Jun-22. I filed my FY21-22 and FY22-23 ITR-2 as RNOR and am filing ITR-2 now as Resident. Do I have to include in Schedule FA my UK Current, Savings Bank account(s) and SIPP [Self Investment Pension Plan] account(s) through which I invest in Equities and Funds? I do get some Interest income in bank account and Dividend income in SIPP account.
Thanks for your compliments 😊....If you are resident ordinary..then need to disclose
@@CAAbhiJain many thanks, Sir
Do we need to disclose accounts at foriegn banks which are registered in india like DBS Bank And account opened in india in their india branch,Rbi also show that bank is registered in india as foreign bank?Account is held at india but bank is foreign registered with rbi ?
...wo Indian Bank hai bhai...
@abhisek, I have received ESOP for US based firm in my trading account on 31 Jan 2024, Do I have to declare it in Schedule FA for FY 23-24.
Please note that I have not sold them nor have received any dividend.
In 24-25 return
@@CAAbhiJain thank you so much 👍
Sir,
I am filing ITR 3 but having some problem related to foreign long term loss shares. Actually the foreign company is dissolved so how it will reflect in ITR 3 with loss adjustment and carried forward the same.
Secondly I bought some listed shares in February 2019 and sold on March 24 so can I claim the cost of indexation.
You can text on whatsup 9953428119
Thanks for the video. Sir, I have savings bank interest income from USA. I was working there 3 years ago but now I'm resident Indian. Should I pay taxes on this income?
Yes..you can claim DTAA relief if available
@@CAAbhiJain but sir i didn't pay tax on savings interest income to USA as I'm resident India now. What to do in this case?
Sir we didn't disclose Stocks for past years in schedule FA can we revisie ITR or we can discuss in Current AY ...
Yes
Hi sir if i have transferred an advance for under construction house out of India in march 24 should i disclose it in AY 24-25? And also tax is collected at source so will i get a refund on it in AY 24-25? Sir please advise
Both yes
Dividend income ke liye conversion rate kya ya kaise Leni h.
SBI ttbr
My company has advised to disclose RSUs in FA, section D instead. They have provided all the details to be filled in. But my CA is asking to provide details in Sheet A3. I am confused. Please assist
@dishijain - Schedule D is the correct section for stocks given as part of salary
Hello Sir,
I am also CA.
Thank you for giving such nicely explained video.
I required your guidance for the below query could you please help me out.
Mr. A have allotted US listed company RSU and Tax is paid in India by company by way of selling share in US eg. 5 RSU vested so it credited and after 2 days 2 RSU sold by company to pay tax then whether we required to show it under C. G. for 2 units and In FA how much it will show in A3 whether 3 or 5? Also
Whether RSU required to in FSI schedule for salary income?
Thanks for your compliments
It should be shown as gross...
C why to show...G if any other income then show
@@CAAbhiJain Thanks for the reply
So the conclusion is show FA 5 qty , and 2 qty sold by company to pay tax - no need to do anything.
And about whether it requires to show in FSI for salary PERQUISITES?
can you please show how to actually file this in portal? with all the calculations
😊😊
Sir,
I am receiving my foreign share dividend directly to my Savings account / Foreign Depository account as per Schedule A1 FA and not to my custodian or Trading account. Can I show this account under Schedule A2 FA also, so I can reflect the dividend recieved.
Depository then in A1
Thank you sir for the reply but there is no field in A1 to show dividend income
I am NRI I have TDS on EPF withdrawal, it should be shown in salary component?
Do i need to show foreign salary also in ITR 2? If yes ,under which section
Its depends on ur residential status..epf withdrawal is taxable subject to conditions as specified in video
@@CAAbhiJain I am non resident and withdrawal is before 5 years.
I would like to know under which head it is taxable..? Salary or other sources
Sir I was worked at Oman from 2016 to 2022. But from may 2022 staying in India I have no asset in Oman. Only have NRE ACCOUNT HAVE INDIA AND I HAVE REGULARLY FILED ITR BUT I HAVE NO DISCLOSE NRE ACCOUNT . AM I ELIGIBLE TO REPORT IN FOREIGN ASSET.
NRE acct in India is not foreign asset
How do we fill RSU shares withheld by employer for paying tax on RSU.
Probably they redeem for tax...and it will be grossed up
@@CAAbhiJain Mera matlab, in "withheld shares" ko bhi Schedule FA me dikhana hai ki nahi ?
From where can I get the telegraphic transfer rate?
Online..u can search
Is this disclosure requirements are also for freelancer income from foreign ?
Income is not the criteria
If individual person earn income from youtube and foreign consultancy & editing services which is shown in business & profession so he is eligible for schedule FA or not, if yes then how to file FA
Depends upon whether he has foreign asset...only income is not the criteria
Thanks a lot this self explanatory video...all confusion resolved..😊..i need to take your advice on tax matter can i call on the number given in video🙏
👍👍thanks
Where can we find TTBR rates by SBI?
Online
Sir G doesnt have 31 December mentioned so does it mean from 1 april - 31 March
Dates are given on statements
@@CAAbhiJain Actually Sir, I am talking about the point G. It says other sources of income and doesn't mention 31 December. The other points have till 31 December mentioned.
i was a salaried person in india. but currently on leave without pay and pursuing PhD on student visa outside idnia. do I need to file this itr2 fa section?
Depends upon ur residential status🎉🎉
@@CAAbhiJain I hold a residence card here now. Which will be over once I complete my PhD. Then I will go back to India and join back my company. I pay tax here
Sir suppose I have bought US share on 2022 and I have not reported in ITR for AY 2023-24 and sir can I report it in AY 2024-25. Will there be any penalty for not reporting in last FY ITR
If u got answer then also tell me...same query I am also having
You can report even now .. penalty upto 10 lakhs
Do we need to disclose accounts which are opened in india at indian branches,but bank is foriegn like DBS bank registered with rbi as foreign bank ,savings account opened in dbs indian branch with indian aadhar and pan ?Do we need to fill schedule fa ?
No.
@@nikhilpai3130 are you ca?
Sir one quick question if you can kindly assist.
Peak balance in Schedule FA Table A2 refers to:
Highest share price during the calendar year X outstanding shares= Peak value
Add to this:
Highest peak balance on any calendar day 01 Jan to 31 Dec 2023 from the trading account ledger.
To be reported in peak balance column= Peak value + highest cash balance during any single day in 2023
Please confirm if this is corre t
?
Sir , nice explanation . Your No pls
9953428119