Foriegn assets disclosure

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This query is : Resolved

sachin Alwadhi (Querist)

14 November 2026 hello

Kindly guide us foriegn asset /income disclosure mandatory from which assessment year in income tax return ?

if we disclosed foreign assets / income in ay 2026-27 fully disclosed then requirement of previous assessment year 2025-26 is mandatory or not if assessee has any income or assets in ay year 2025-26 or 2024-25 or 2023-24 means earlier years.

if value of foreign shares or aseets less than 10000 to 50000 in year of 2023 but no income till date then assets/ shares disclosed in fully disclosed in ay 2026-27 itr but not shown in earlier years income tax returns then disclosure mandatory or not.

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

14 November 2026 Mandatory Disclosure Origin: Foreign asset disclosure has been mandatory since AY 12–13.

Past Compliance Requirement: Disclosing fully in AY 26–27 does not exempt prior years. If the assessee held those foreign shares/assets in AY 23–24, 24–25, or 25–26 while being a resident, those years technically required disclosure.

Risk of Non-Disclosure: Leaving out foreign assets from past ITRs while reporting them in current ones can trigger scrutiny or penalties under the Black Money Act or the Income Tax Act for non-reporting of foreign assets. Assessees often evaluate filing Updated Returns (ITR-U, wherever eligible under statutory time limits) or addressing past omissions carefully with their tax consultant.

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