Schedule FA requirement with RNOR status
This query is : Resolved
27 October 2024
If an individual files a return with RNOR status, is he required to file Schedule FA and declare foreign assets? Also, is he required to declare foreign income?
28 October 2024
1. Yes.
2. No. If not earned in India.
2. No. If not earned in India.
28 October 2024
Your first answer is incorrect.
" If you are a resident in India, you are required to furnish details of any foreign asset
etc. in this Schedule.This Schedule need not be filled up if you are ‘not ordinarily resident’ or
a ‘non‐resident’.
Source - https://www.incometax.gov.in/iec/foportal/sites/default/files/2021-05/Instructions_ITR3_AY2021_22.pdf
" If you are a resident in India, you are required to furnish details of any foreign asset
etc. in this Schedule.This Schedule need not be filled up if you are ‘not ordinarily resident’ or
a ‘non‐resident’.
Source - https://www.incometax.gov.in/iec/foportal/sites/default/files/2021-05/Instructions_ITR3_AY2021_22.pdf
28 October 2024
It is contradicting issue, as per circular no.21 pf 2019 dated,27 Aug.,2019 it has been stated that the resident Indians (not specified only ROR) having :
(a) held, as beneficial owner, beneficiary or otherwise, any asset (including financial interest in any entity) located outside India; or
(b) had signing authority in any account located outside India; or
(c) had income from any source outside India
are required to fill Schedule FA.
(a) held, as beneficial owner, beneficiary or otherwise, any asset (including financial interest in any entity) located outside India; or
(b) had signing authority in any account located outside India; or
(c) had income from any source outside India
are required to fill Schedule FA.
28 October 2024
Thank you for clarifying. However, because the ITR website clearly states that "This Schedule need not be filled up if you are ‘not ordinarily resident’ or a ‘non‐resident’", I suppose it is not mandatory for RNOR to fill Schedule FA. What is your expert opinion given the contradiction that you have pointed out?
28 October 2024
Though it is not mandatory, but when department finds any foreign interests (even if genuine) which are not declared in ITR, considers as suspicious and sends query.
If assessee is ready to follow them up as and when mandated, may not fill it. The wordings are very clear 'need not'; but not as 'not required to be filled'
If assessee is ready to follow them up as and when mandated, may not fill it. The wordings are very clear 'need not'; but not as 'not required to be filled'
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- STCG FOR GOLD ETFs
- LTCG for Assmt year 26-27
- Loan by Partnership Firm
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
