Details to be filled while filing ITR with foreign assets:

1.  Introduction:

If you’re having foreign assets, then you should show those while filing your Income Tax Returns ( ITR ).

The income taxpayers with income from foreign sources, foreign bank accounts, or other assets outside India need to accurately complete the FSI (Foreign Source Income), TR (Tax Relief), and FA (Foreign Assets) schedules in their ITR.

2.  Schedule FSI:

Schedule FSI applies to taxpayers who are residents of India. In this schedule, you must report income accruing or arising from any foreign source. Note that this income must also be separately reflected in the head-wise computation of total income.

Country Code: Use the International Subscriber Dialing (ISD) code of the country.

Taxpayer Identification Number (TIN): Enter the TIN of the taxpayer in the country where tax was paid. If a TIN is not allotted in that country, provide the passport number instead.

Tax Relief under DTAA: If tax has been paid outside India on this foreign income and you are claiming tax relief in India, mention the applicable article of the Double Taxation Avoidance Agreement (DTAA).

Form 67: Ensure details of the foreign tax credit and related income are reported in Form 67 to claim the credit

3.  Schedule TR:

This schedule provides a summary of the tax relief claimed in India for taxes paid abroad for each country.

Country Code and TIN: In columns (a) and (b), specify the relevant country code using the ISD code and the Taxpayer Identification Number (TIN). If a TIN is not allotted, mention the passport number instead.

Tax Paid: In column (c), report the tax paid outside India on the income declared in Schedule FSI. This value corresponds to the total tax paid under column (c) of Schedule FSI for each country.

Tax Relief: In column (d), enter the total tax relief available, as specified under column (e) of Schedule FSI for each country.

Provision for Relief: In column (e), mention the provision of the Income-tax Act under which the tax relief is being claimed, such as section 90, section 90A, or section 91.

4.  Schedule FA:

If you are a resident in India, you are required to disclose details of foreign assets, accounts, and income in this schedule.

Table A1: Foreign depository accounts

Table A2: Foreign custodian accounts

Table A3: Foreign equity and debt interest

Table A4: Foreign cash value insurance or annuity contracts

Table B: Financial interest in any entity outside India

Table C: Immovable property outside India

Table D: Other capital assets outside India

Table E: Accounts located outside India where you are a signing authority (not reported in Tables A1 to D)

Table F: Trusts created outside India in which you are a trustee, beneficiary, or settlor

Table G: Other income derived from foreign sources (not reported in Tables A1 to F)

Beneficial owner and beneficiary details are also to be filled up.