Disclosure of Foreign Assets in ITR 3
This query is : Resolved
09 September 2025
A person is a shareholder and director of an Indian Pvt Ltd company (holding percentage 90%)
That Indian Pvt Ltd company is a holding company for a foreign subsidiary (100% -wholly owned subsidiary)
The person has the signing authority for the foreign bank accounts
Query is only disclosure under Column E of schedule FA is required in ITR is required as he has the signing authority or Disclosure under Column B of schedule FA ( details of financial or beneficial interest in entity would also be required)
That Indian Pvt Ltd company is a holding company for a foreign subsidiary (100% -wholly owned subsidiary)
The person has the signing authority for the foreign bank accounts
Query is only disclosure under Column E of schedule FA is required in ITR is required as he has the signing authority or Disclosure under Column B of schedule FA ( details of financial or beneficial interest in entity would also be required)
10 September 2025
Both disclosures are required—under Table B for beneficial/financial interest, and under Table E for signing authority over the foreign bank account.
Disclosure in Table B is also required if the person holds a "financial interest" or "beneficial interest" in any foreign entity.
As director of the Indian company that wholly owns a foreign subsidiary, the individual is likely to be deemed as having a financial or beneficial interest in the foreign subsidiary.
Disclosure in Table B is also required if the person holds a "financial interest" or "beneficial interest" in any foreign entity.
As director of the Indian company that wholly owns a foreign subsidiary, the individual is likely to be deemed as having a financial or beneficial interest in the foreign subsidiary.
20 September 2025
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