Do i report my salary credits in interest sec. foreign checking account while reporting schedule FA

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This discussion clarifies how to report salary and interest from a foreign checking account on Schedule FA. The consensus is that the 'Gross interest paid/credited' field on Schedule FA point A1 should only include actual interest earned, not salary deposits. Salary should be reported separately under point G as 'Any other income'.

LoneWolf

LoneWolf (Querist)

28 December 2024 I have a checking account in USA. I need to report this in schedule FA point A1.
Point A1 has a field "Gross interest paid/credited to the account during the period". Do i include my salary in this field or just the interest. I am reporting my salary separately in point G as well.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

29 December 2024 Yes, it is 'Gross amount paid/credited to the account during the period' It is aggregate of the amounts credited to the account.

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LoneWolf

LoneWolf (Querist)

29 December 2024 Thank you so much for your reply. But in the ITR it reads Gross Interest paid/credited to the account, so does it mean gross amount or interest? If i show this salary here, do i report it again in point G along with the company(source ) name?

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

29 December 2024 Yes, it is interest credited. In that case no salary declaration in this column. Salary will be declared in Tab G .. 'Any other income Derived..... '

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