Should I report my US salary for January, February, March in Schedule FA?
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19 November 2024
I have earned income in USA from salary, I have paid tax in India on the same as I was a resident during AY 24-25.
When I look at schedule FA, the rest of the points mention 31 December as the cutoff date, but point G doesn't mention it. Do I report my Jan, Feb, March salary in there or point G follows the same reporting calendar year?
When I look at schedule FA, the rest of the points mention 31 December as the cutoff date, but point G doesn't mention it. Do I report my Jan, Feb, March salary in there or point G follows the same reporting calendar year?
19 November 2024
Schedule FA - Details of Foreign Assets and Income from any source outside India
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‟.
In tables A1 to G, please furnish the details of foreign assets or accounts of the following nature, held at any time during the relevant calendar year ending on 31st December:-
Table A1 - Foreign depository accounts
Table A2 - Foreign custodian accounts
Table A3 - Foreign equity and debt interest
Table A4 - Foreign cash value insurance contract or annuity contract
Table B - Financial interest in any entity outside India
Table C - Any immovable property outside India
Table D - Any other capital assets outside India.
Table E - Any other account located outside India in which you are a signing authority (which is not reported in tables A1 to D)
Table F - Trust created outside India in which you are a trustee, a beneficiary or settlor
Table G - Any other income derived from any foreign source (which is not reported in tables A1 to F)
In case you are a resident in India, the details of all foreign assets or accounts in respect of which you are a beneficial owner, a beneficiary or the legal owner, is required to be mandatorily disclosed in the Schedule FA.
From: https://www.incometax.gov.in/iec/foportal/sites/default/files/2024-11/Enhancing%20Tax%20Transparency%20on%20Foreign%20Assets%20and%20Income-merged.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‟.
In tables A1 to G, please furnish the details of foreign assets or accounts of the following nature, held at any time during the relevant calendar year ending on 31st December:-
Table A1 - Foreign depository accounts
Table A2 - Foreign custodian accounts
Table A3 - Foreign equity and debt interest
Table A4 - Foreign cash value insurance contract or annuity contract
Table B - Financial interest in any entity outside India
Table C - Any immovable property outside India
Table D - Any other capital assets outside India.
Table E - Any other account located outside India in which you are a signing authority (which is not reported in tables A1 to D)
Table F - Trust created outside India in which you are a trustee, a beneficiary or settlor
Table G - Any other income derived from any foreign source (which is not reported in tables A1 to F)
In case you are a resident in India, the details of all foreign assets or accounts in respect of which you are a beneficial owner, a beneficiary or the legal owner, is required to be mandatorily disclosed in the Schedule FA.
From: https://www.incometax.gov.in/iec/foportal/sites/default/files/2024-11/Enhancing%20Tax%20Transparency%20on%20Foreign%20Assets%20and%20Income-merged.pdf
19 November 2024
Thank you sir, So based on this only from January 2023 - December 2023, need to be shown in point G as well?
19 November 2024
Correct.
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