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.

Ansh