Should I report my US salary for January, February, March in Schedule FA?

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If you're an Indian resident who earned salary income in the US and paid Indian tax on it, you need to report this in Schedule FA. While most sections of Schedule FA refer to the calendar year ending 31st December, the specific rules for reporting income under Table G (any other income from a foreign source) also align with this calendar year. Therefore, you should report your US salary earned from January to December of the relevant financial year in Schedule FA.

AJAYI

AJAYI (Querist)

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?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

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

AJAYI

AJAYI (Querist)

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?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

19 November 2024 Correct.

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