Double tax avoidance agreement - USA

91/2008 dated 28/08/2008 issued by CBDT states that any income of a resident of Indian, which “ may be taxed” in the other country ( Source Country) as per the DTAA shall be included in his total income chargeable to tax in India in accordance with the provisions of Income Tax Act, 1961. 

Yes, you have to disclose all your foreign assets, foreign operation & foreign income in your ITR. If you are paying income tax on such foreign income in USA, then you have to look into double taxation avoidance agreement to not to pay tax again on same income.

Submit US tax records for lower/no tax deduction on such foreign income:

Tax Residency Certificate (TRC) obtained from Government of home country. Self-attested copy of Passport and Visa.

India–US DTAA for a digital media business:
• An Indian resident owning an Indian company and a US corporation: each company is taxed in its own country. Dividends from the US company to you: taxed in the US (withholding 25% under the DTAA, or 15% for 10%+ corporate holders) and in India (slab rates), with FTC in India via Form 67.
• If the Indian company provides services to the US company, transfer pricing applies (associated enterprises). Pricing must be arm's length (3CEB).
• A US corporation managed and controlled from India may be a resident of India under the POEM test (Sec 6(3)), creating Indian tax on its global income. Ensure management decisions are taken in the US.
• FEMA: the Indian resident's investment in the US corporation is an ODI (reporting, APR). Report in Schedule FA.