If you hold or held any foreign asset at any time during the year, it must be disclosed in Schedule FA of your Income Tax Return — even if no income is earned from it.

🔎 Who should be careful?
🎓 Students who recently went abroad for studies (Foreign bank account opened for fees, stipend, or expenses)
📈 Investors in US equity / foreign stocks / ETFs
🏦 Anyone having a foreign bank account, demat account, or brokerage account
🏠 Ownership or interest in foreign property or entities

📌 Key points to remember
Disclosure is mandatory for Indian tax residents
Reporting is based on calendar year (Jan–Dec), not financial year
Even closed accounts during the year need disclosure

⚠️ Why this matters
Non-disclosure of foreign assets can attract:
Heavy penalties
Prosecution provisions
Increased scrutiny under Black Money Act

💡 With global investing becoming common and students moving abroad more frequently, Schedule FA is no longer optional knowledge — it’s essential compliance.

👉 If you or your family members have recently gone abroad or invested overseas, double-check your ITR and if required revise ITR.

Compliance today avoids complications tomorrow.