Schedule FA A2 and FA A3

ITR 1454 views 2 replies

Sach

Director

68 Points Joined December 2021

We faced two difficulties in reporting foreign assets under Schedule FA A2 and A3.

Under schedule FA A2 there is a drop down menu to disclose credits to the account by way of Dividend, Interest, Sale, Redemption. In case one has credits from more than one source ie interest , Dividend and sale etc ie the form does not allow one to fill up more than one source ?
Gift City. For IT purposes Gift City is taken as an IFSC and investment in an entity listed in the Gift City is considered as a Foreign Asset. However FA2 and FA3 do not have a code for Gift City or India and one can not fill in this investment.

Any thoughts or solutions

Replies (2)

Sreevidhya V

478 Points Joined March 2017

Can we use 9999 others and give other details?

Since it is only disclosure, I hope it doesn't matter much.

Experts can suggest if there is any other way

Rama chary Rachakonda

Master in Accounts & high court Advocate

9434 Points Joined December 2011

In Schedule FA A2, if you have credits from more than one source like Dividend , interest, and 'Sale , and the form only allows selecting one source from the dropdown, you might need to check if there is an option to add multiple entries or break down credis by each source in a different section.

For investments in gift City (considered an ifsc for IT purposes and treated as a foreign asset): Since FA2 and FA3 don't have a code for Gift City or India you might need to check if there is a specific code or treatment for IFSCs like Gift City in tax reporting guidelines.