Disclosure of Foreign Assets in ITR 3

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If you're a director of an Indian company that wholly owns a foreign subsidiary and have signing authority over its foreign bank accounts, you likely need to make two disclosures in your ITR 3. This includes details of your financial or beneficial interest in the foreign entity under Schedule FA, Table B, and your signing authority over the foreign bank account under Table E.

Leena Lachhani

Leena Lachhani (Querist)
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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)

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 September 2025 Good Luck..

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