How to disclose Foreign Asset in Schedule FA | How to fill Schedule FA in ITR | Summon 4 Schedule FA

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  • Опубликовано: 5 янв 2025

Комментарии • 136

  • @rajmiglani6111
    @rajmiglani6111 6 месяцев назад +3

    In A3, do we need to fill shares bought in previous years as well ? or only shares for this current calendar year ?

  • @ArindamNayakgplus
    @ArindamNayakgplus 26 дней назад

    Need a clarification for ESOP/RSU based shares which has dividend paid in a FY. In such case do we need to include schedule FA (Section A2 , A3) and should we need to include schedule FSI as well.

  • @cooldude.1811
    @cooldude.1811 6 месяцев назад +2

    I have purchased foreign stocks through Indmoney on NYSE, which includes both stocks of US companies as well as non US companies like Sony Corp. For US companies, there is no issue, but for non-US companies, the Schedule FA forwarded by Indmoney shows the country code as '02-United States', but the company address is shown as that of the parent company e.g. for Sony, it is their address in Japan. I hope this is in order and is supposed to be entered in the same manner in Section A3.

  • @BijaySah-f4z
    @BijaySah-f4z Месяц назад

    salary from world Bank is exempt from income tax and is shown in exempt income. Is this income required to be shown in FA schedule or FSI schedule.

  • @bluesky-oq2wz
    @bluesky-oq2wz 5 месяцев назад +1

    Dear Sir... Many thanks for great effort to educate us

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      Thanks a lot for motivating

  • @akshatrastogi9063
    @akshatrastogi9063 Месяц назад

    What if someone is doing option selling in US stock market from the income which he/she earned outside India while living outside India? How can those assets be disclosed in schedule FA?

  • @codedusting
    @codedusting 5 месяцев назад +1

    So basically, for most people, it will A1, A2, A3 is what is required.
    A1 is for SBM & Federal Bank details. Peak balance is highest held balance from January to December any month. Closing balance as well for December.
    A2 is for Alpaca type account.
    A3 for equities.
    Last year, since I never realised the gains or loss, my CA didn't mention this section at all. This year, I am mentioning it. Any penalty in such case? Because I suffered loss anyways.

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      Nothing to do with loss or income...its disclosure and penalty upto 10 lakhs for
      Non disclosure

    • @codedusting
      @codedusting 5 месяцев назад

      @@CAAbhiJain Ok. As per the IndMoney, they said no need to mention SBM Bank India and Federal Bank as both are Indian banks. So only A2 and A3 are required. A2 is Alpaca. Peak, closing, nature of income and amount is confusing as it's just one entry field but I have STCG loss and dividend income. Sigh!
      And crypto is another headache as the unrealised one cannot be shown under VDA.

  • @narendrashah3542
    @narendrashah3542 19 дней назад

    if have invested in insurance policy in singapore how to show in ITR 3 ? what is initial investment? is it furst premium payment?

  • @rajasekarvenkatesan2071
    @rajasekarvenkatesan2071 5 месяцев назад +1

    None of these forms require disclosure of CPF [retirement savings made as per statutory requirement of the country where an NRI was working] balances. I am informed that the retirement benefit savings of NRI working abroad need not be disclosed as no interest is paid out and this savings is mainly to pay some subsistence allowance after retirement. Can you throw light on this. THanks

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      If any asset as specified in FAschedule is there then needs to be disclosed...irrespective whether they are incurring income or not

  • @taxfill6585
    @taxfill6585 24 дня назад

    If having any FD outside india in which item of Schedule FA to report it?

  • @anupthakare6679
    @anupthakare6679 5 месяцев назад +2

    If A3 is filled, A2 needs to be obviously filled. Right?

  • @abhaykhetarpal1445
    @abhaykhetarpal1445 5 месяцев назад +2

    Dear Abhishek ji -- as UK's FY is 6Apr23 to 5Apr24, which is pretty close to India's FY, can I use the UK FY instead of the Calendar year for Peak balance, Closing balance and Interest income for my UK Savings bank / Depository account info in Schedule FA?

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      No ...from 1st April to 31st December for disclosure

  • @deekshamishra2929
    @deekshamishra2929 20 дней назад +1

    In this FA schedule, peak bal me amount foreign figure me fill krna h ya indian?

  • @preetisharma4738
    @preetisharma4738 13 дней назад

    Do we need to disclose restricted employer part of shares which is not yet available to employee not vested, in itr foreign assets?

  • @BijaySah-f4z
    @BijaySah-f4z Месяц назад

    Income from export of services - whether it will cover in FA and FSI, pl clarify

  • @debiganguly2186
    @debiganguly2186 10 дней назад

    Sir, what I understood for AY 24-25 I need to report FA ( ESOPs) of CY 23, But where and how to report FA ( ESOPs) acquired in earlier years

    • @CAAbhiJain
      @CAAbhiJain  9 дней назад

      You need to disclose all ...

  • @GajananPawar-k1k
    @GajananPawar-k1k 3 месяца назад

    ​@CAAbhiJain
    Whether that account should be added in current assets or not,
    In the balance sheet. Now the person has business income and ITR 3 is applicable.

    • @CAAbhiJain
      @CAAbhiJain  3 месяца назад

      Question is not clear

    • @GajananPawar-k1k
      @GajananPawar-k1k 3 месяца назад +1

      @@CAAbhiJain is foreign bank account will be asset of business. Like an Indian bank account.

    • @CAAbhiJain
      @CAAbhiJain  3 месяца назад

      Yes..like saving bank account

  • @aniketrules9990
    @aniketrules9990 5 месяцев назад +1

    Hi sir,
    If I had shares of a US company (my company where I am working) it is not listed in Nasdaq. And I have not made sell transaction, I have just held it during the last financial year (I purchased it in Dec-2022). So do I have to declare this in ITR-2 this year?

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      It should have been shown in ITR for 22-23..

  • @santoshjha2532
    @santoshjha2532 16 дней назад

    sir i have not shown foreign assets information in the previour 3 fy but now i want to inform all. can i show all the previous information in the fy-23-24. please suggest

  • @ASHUTOSHSINGH-fm2me
    @ASHUTOSHSINGH-fm2me 5 месяцев назад

    In case of A2, Do we need to disclose everything? Or we need to disclose transactions that happened in the calendar year only? Example: For the FY 2023-24, let's say my account has 10 shares before the 1st January 2023. So, for the declaration of closing and peak balance, I need to consider 10 shares as well? Or Do I need to consider transactions that happened after 1st January 2023?

  • @ASMArticle
    @ASMArticle 11 дней назад

    Do we have to disclose it separately for each share recieved on different dates of same company?
    please assist

  • @sonalichakraborty4108
    @sonalichakraborty4108 5 месяцев назад +1

    Sir,
    I am filing ITR 3 but having some problem related to foreign long term loss shares. Actually the foreign company is dissolved so how it will reflect in ITR 3 with loss adjustment and carried forward the same.
    Secondly I bought some listed shares in February 2019 and sold on March 24 so can I claim the cost of indexation.

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      You can text on whatsup 9953428119

  • @18hourgaming66
    @18hourgaming66 5 месяцев назад +1

    How do we fill RSU shares withheld by employer for paying tax on RSU.

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      Probably they redeem for tax...and it will be grossed up

    • @18hourgaming66
      @18hourgaming66 5 месяцев назад

      @@CAAbhiJain Mera matlab, in "withheld shares" ko bhi Schedule FA me dikhana hai ki nahi ?

  • @harpreetsinghmarwah9460
    @harpreetsinghmarwah9460 25 дней назад

    Very informative video on FA

  • @raveeshmittal2241
    @raveeshmittal2241 6 месяцев назад +1

    Thanks for great explanation. I have a question about "Period of reporting"
    If i sold some RSU of a US based company this year in january. Do i need to report the capital gain and dividends arising from them this year or next year ?

    • @CAAbhiJain
      @CAAbhiJain  6 месяцев назад

      Capital gain and dividend needs to be reported this year only

  • @ashishagarwal133
    @ashishagarwal133 22 дня назад

    Hello Sir,
    Any nominee of the Foreign assets also need to fill this ? If the principal holder has filed it.

  • @abhaykhetarpal1445
    @abhaykhetarpal1445 5 месяцев назад +1

    Many thanks, Abhishek ji .... very useful video. It would be a great help as I have to include Sch FA for the first time in my ITR-2. I have a query ... I hold a UK passport and OCI Card. I moved to India in Apr-21 and am engaged in full-time charity work in India since Jun-22. I filed my FY21-22 and FY22-23 ITR-2 as RNOR and am filing ITR-2 now as Resident. Do I have to include in Schedule FA my UK Current, Savings Bank account(s) and SIPP [Self Investment Pension Plan] account(s) through which I invest in Equities and Funds? I do get some Interest income in bank account and Dividend income in SIPP account.

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      Thanks for your compliments 😊....If you are resident ordinary..then need to disclose

    • @abhaykhetarpal1445
      @abhaykhetarpal1445 5 месяцев назад

      @@CAAbhiJain many thanks, Sir

  • @akhilchhabra4271
    @akhilchhabra4271 5 месяцев назад

    What to fill in schedule FA in case you only have foreign sourced income which is already included in head pgbp but doesn't have foreign assets.? Foreign income earned in Feb 24. Will it be reported in AY 24-25 return ?

  • @nileshpingle3400
    @nileshpingle3400 6 месяцев назад +1

    @abhisek, I have received ESOP for US based firm in my trading account on 31 Jan 2024, Do I have to declare it in Schedule FA for FY 23-24.
    Please note that I have not sold them nor have received any dividend.

  • @shubham96291
    @shubham96291 5 месяцев назад

    So the way I see it, foreign shares can be declared in Schedule FA under Table A3 or even Table B. In the explanation of financial interest in Table B; point 2 says "a corporation in which resident assesse owns, directly or indirectly, any share or voting power". So as per this, even table B can be used. Am i correct sir?

  • @AkashSharma-zw7qs
    @AkashSharma-zw7qs 6 месяцев назад +1

    Hello sir... I bought us share in 2022..should i declare them in fy 23-24 itr.. I hv not filled any itr before this.its my first itr

    • @CAAbhiJain
      @CAAbhiJain  6 месяцев назад +1

      Yes..in consolidated balance

  • @Abhishek-pp5in
    @Abhishek-pp5in 6 месяцев назад +2

    Great video, sir! Thanks a lot. Under which table will Singapore CPF come under? Is the interest earned by the money in that account taxable in India? It's not taxable in Singapore as it's PF.

    • @CAAbhiJain
      @CAAbhiJain  6 месяцев назад

      Thanks for compliments ..table D is best suitable
      It will be grt if you can give feedback on below card..
      Thanks,
      CA Abhishek Jain
      DigiCard: e-digicard.in/caabhishekjain

  • @niralimerchant6976
    @niralimerchant6976 5 месяцев назад +1

    From where can I get the telegraphic transfer rate?

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      Online..u can search

  • @satishkvv3014
    @satishkvv3014 5 месяцев назад +1

    I am NRI I have TDS on EPF withdrawal, it should be shown in salary component?
    Do i need to show foreign salary also in ITR 2? If yes ,under which section

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      Its depends on ur residential status..epf withdrawal is taxable subject to conditions as specified in video

    • @satishkvv3014
      @satishkvv3014 5 месяцев назад

      @@CAAbhiJain I am non resident and withdrawal is before 5 years.
      I would like to know under which head it is taxable..? Salary or other sources

  • @GoDx_Parth
    @GoDx_Parth 5 месяцев назад

    Share (Only 1 Share ) held as Nominee in Foreign Entity is also required to be disclosed under this schedule?

  • @pukhrajjain5839
    @pukhrajjain5839 5 месяцев назад +1

    Dividend income ke liye conversion rate kya ya kaise Leni h.

  • @krishnamaheshwari7516
    @krishnamaheshwari7516 5 месяцев назад +1

    Sir we didn't disclose Stocks for past years in schedule FA can we revisie ITR or we can discuss in Current AY ...

  • @TheFaisal77
    @TheFaisal77 6 месяцев назад +1

    Sir,
    I am receiving my foreign share dividend directly to my Savings account / Foreign Depository account as per Schedule A1 FA and not to my custodian or Trading account. Can I show this account under Schedule A2 FA also, so I can reflect the dividend recieved.

    • @CAAbhiJain
      @CAAbhiJain  6 месяцев назад +1

      Depository then in A1

    • @TheFaisal77
      @TheFaisal77 6 месяцев назад +1

      Thank you sir for the reply but there is no field in A1 to show dividend income

  • @PareshnathMandal-x2y
    @PareshnathMandal-x2y 4 месяца назад +2

    Sir, you have made the FA entry very clear and easy. My only question is under which ITEM of FA , A to G, 401K retirement Benefit a/c ( of USA ) will be entered ?

    • @CAAbhiJain
      @CAAbhiJain  4 месяца назад

      Thanks..no specific column...u can fill in other

  • @ArunKumar-rs4dz
    @ArunKumar-rs4dz 21 день назад +1

    I went to abroad from my company in Feb 2024 and return to India on September 2024
    Do i need to fill Schedule FA form.
    Where i can get that option ot fill that FA form in ITR website

    • @CAAbhiJain
      @CAAbhiJain  19 дней назад

      Need to check with all days...to check residency

  • @snehadharmadhikari6370
    @snehadharmadhikari6370 5 месяцев назад +1

    Thank you for informative video Sir. If we have got ESOP from US MNC, which needs to be disclosed in A3 schedule, where we will get custodian details to fill A2 schedule. Is A2 schedule mandatory here?

  • @vanitajain7039
    @vanitajain7039 7 месяцев назад +2

    Thanks for proper clarification 👍

  • @aditya-vt7po
    @aditya-vt7po 5 месяцев назад +1

    Where can we find TTBR rates by SBI?

  • @surendrag8988
    @surendrag8988 5 месяцев назад

    I have seen your video on filling FA in the Income Tax portal which is good, impressive and educational. I have the following doubts which may please be clarified.
    I got foreign Demat account.
    I did the trading of CFD (mostly commodities, Forex, Indices) and got a loss, which may come under short term capital gains.
    I think, this I need to disclose and the Schedule is A2. Is this correct? Please clarify.
    Will the loss be included in any other schedule to be carried forward?. Please clarify

  • @surbhimundra5850
    @surbhimundra5850 Месяц назад

    Sir where to find telegraphic transfer buying rate ?

  • @aarsea8162
    @aarsea8162 5 месяцев назад +1

    Thank you for the educative Video... Needed a video on the following topic.....An individual is working for an Indian Company (eg TCS) on work permit at their office (TCS) located outside India and his salary is being paid in Foreign Currency of that country by TCS. The individual is also getting separate Indian salary at India being part of TCS. What will be his residential status (temporary period of work permit for one year). The individual has opened a Bank Account in that country to receive his foreign salary. He doesn't have any other share/investment in that country then how to reflect that in ITR. Pl post a video on this.

  • @rgshetty4750
    @rgshetty4750 5 месяцев назад +1

    can you please show how to actually file this in portal? with all the calculations

  • @dishijain
    @dishijain 5 месяцев назад

    My company has advised to disclose RSUs in FA, section D instead. They have provided all the details to be filled in. But my CA is asking to provide details in Sheet A3. I am confused. Please assist

    • @bestdaze7802
      @bestdaze7802 5 месяцев назад

      @dishijain - Schedule D is the correct section for stocks given as part of salary

  • @GajananPawar-k1k
    @GajananPawar-k1k 3 месяца назад +1

    It is mandatory to report saving account open outside india at the time of foreign income that time status is non resident, now the person is resident but still have that account open earlier.

    • @CAAbhiJain
      @CAAbhiJain  3 месяца назад +1

      Yes....mandatory

    • @GajananPawar-k1k
      @GajananPawar-k1k 3 месяца назад

      @@CAAbhiJain
      Whether that account should be added in current assets or not,
      In the balance sheet. Now the person has business income and ITR 3 is applicable.

    • @GajananPawar-k1k
      @GajananPawar-k1k 3 месяца назад

      @@CAAbhiJain thanks 🙏

  • @ankurkalita7830
    @ankurkalita7830 5 месяцев назад +1

    Sir G doesnt have 31 December mentioned so does it mean from 1 april - 31 March

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      Dates are given on statements

    • @ankurkalita7830
      @ankurkalita7830 5 месяцев назад

      @@CAAbhiJain Actually Sir, I am talking about the point G. It says other sources of income and doesn't mention 31 December. The other points have till 31 December mentioned.

  • @SURINDER-k2r
    @SURINDER-k2r 5 месяцев назад

    Do we need to disclose accounts at foriegn banks which are registered in india like DBS Bank And account opened in india in their india branch,Rbi also show that bank is registered in india as foreign bank?Account is held at india but bank is foreign registered with rbi ?

  • @navneet2012
    @navneet2012 5 месяцев назад

    Sir I was worked at Oman from 2016 to 2022. But from may 2022 staying in India I have no asset in Oman. Only have NRE ACCOUNT HAVE INDIA AND I HAVE REGULARLY FILED ITR BUT I HAVE NO DISCLOSE NRE ACCOUNT . AM I ELIGIBLE TO REPORT IN FOREIGN ASSET.

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      NRE acct in India is not foreign asset

  • @souravdey1227
    @souravdey1227 5 месяцев назад +1

    i was a salaried person in india. but currently on leave without pay and pursuing PhD on student visa outside idnia. do I need to file this itr2 fa section?

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      Depends upon ur residential status🎉🎉

    • @souravdey1227
      @souravdey1227 5 месяцев назад

      @@CAAbhiJain I hold a residence card here now. Which will be over once I complete my PhD. Then I will go back to India and join back my company. I pay tax here

  • @AmitKumar-kr2wf
    @AmitKumar-kr2wf 6 месяцев назад

    If we invest in an under construction house abroad, should we report it in schedule FA? Because schedule FA asks for Acquisition Date, but under construction house is still not acquired. Please advice.

    • @ruksb1401
      @ruksb1401 6 месяцев назад

      My doubt is the same

  • @ruksb1401
    @ruksb1401 6 месяцев назад +1

    Hi sir if i have transferred an advance for under construction house out of India in march 24 should i disclose it in AY 24-25? And also tax is collected at source so will i get a refund on it in AY 24-25? Sir please advise

  • @Priya-te3kj
    @Priya-te3kj 6 месяцев назад +1

    Thanks for the video. Sir, I have savings bank interest income from USA. I was working there 3 years ago but now I'm resident Indian. Should I pay taxes on this income?

    • @CAAbhiJain
      @CAAbhiJain  6 месяцев назад

      Yes..you can claim DTAA relief if available

    • @Priya-te3kj
      @Priya-te3kj 6 месяцев назад +1

      @@CAAbhiJain but sir i didn't pay tax on savings interest income to USA as I'm resident India now. What to do in this case?

  • @dhirajpatil3152
    @dhirajpatil3152 5 месяцев назад

    Is this disclosure requirements are also for freelancer income from foreign ?

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      Income is not the criteria

  • @prathamnahta7142
    @prathamnahta7142 5 месяцев назад

    If individual person earn income from youtube and foreign consultancy & editing services which is shown in business & profession so he is eligible for schedule FA or not, if yes then how to file FA

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад

      Depends upon whether he has foreign asset...only income is not the criteria

    • @rattagoyal6671
      @rattagoyal6671 Месяц назад

      Sir, if someone whose residential status is of Resident and had received the salary from overseas employer by Working from home in India, where this salary income will be shown and which ITR form is required to be submitted to declare foreign salary income .... , that person has no foreign asset, regards

  • @manmohansharma3837
    @manmohansharma3837 6 месяцев назад +1

    Dear Abhishek,
    Your video is very useful as I am listening to it. Impressive!
    I’m also a CA & would like to discuss with you taxation of FA. Please let me know convenient time.

    • @CAAbhiJain
      @CAAbhiJain  6 месяцев назад

      Sir thanks for ur words...we can connect after 5 pm today

  • @ajoy3970
    @ajoy3970 5 месяцев назад

    Sir suppose I have bought US share on 2022 and I have not reported in ITR for AY 2023-24 and sir can I report it in AY 2024-25. Will there be any penalty for not reporting in last FY ITR

    • @krishnamaheshwari7516
      @krishnamaheshwari7516 5 месяцев назад +1

      If u got answer then also tell me...same query I am also having

    • @CAAbhiJain
      @CAAbhiJain  5 месяцев назад +1

      You can report even now .. penalty upto 10 lakhs

    • @praveenpraveen7572
      @praveenpraveen7572 5 месяцев назад

      What can we do to avoid penality sir

  • @SURINDER-k2r
    @SURINDER-k2r 5 месяцев назад

    Do we need to disclose accounts which are opened in india at indian branches,but bank is foriegn like DBS bank registered with rbi as foreign bank ,savings account opened in dbs indian branch with indian aadhar and pan ?Do we need to fill schedule fa ?

  • @jaimahakal8908
    @jaimahakal8908 5 месяцев назад +1

    500000 limit for alll asset or only for bank...too much informative video

    • @CAAbhiJain
      @CAAbhiJain  4 месяца назад

      Thanks a lot for your comment....and apologies for replying late...it talk about bank acct only

  • @mithileshsomani9190
    @mithileshsomani9190 6 месяцев назад +1

    Hello Sir,
    I am also CA.
    Thank you for giving such nicely explained video.
    I required your guidance for the below query could you please help me out.
    Mr. A have allotted US listed company RSU and Tax is paid in India by company by way of selling share in US eg. 5 RSU vested so it credited and after 2 days 2 RSU sold by company to pay tax then whether we required to show it under C. G. for 2 units and In FA how much it will show in A3 whether 3 or 5? Also
    Whether RSU required to in FSI schedule for salary income?

    • @CAAbhiJain
      @CAAbhiJain  6 месяцев назад

      Thanks for your compliments
      It should be shown as gross...

    • @CAAbhiJain
      @CAAbhiJain  6 месяцев назад

      C why to show...G if any other income then show

    • @mithileshsomani9190
      @mithileshsomani9190 5 месяцев назад

      @@CAAbhiJain Thanks for the reply
      So the conclusion is show FA 5 qty , and 2 qty sold by company to pay tax - no need to do anything.
      And about whether it requires to show in FSI for salary PERQUISITES?

  • @ffaadi1008
    @ffaadi1008 7 месяцев назад +2

    Thanks a lot this self explanatory video...all confusion resolved..😊..i need to take your advice on tax matter can i call on the number given in video🙏

  • @TheFaisal77
    @TheFaisal77 5 месяцев назад

    Sir one quick question if you can kindly assist.
    Peak balance in Schedule FA Table A2 refers to:
    Highest share price during the calendar year X outstanding shares= Peak value
    Add to this:
    Highest peak balance on any calendar day 01 Jan to 31 Dec 2023 from the trading account ledger.
    To be reported in peak balance column= Peak value + highest cash balance during any single day in 2023
    Please confirm if this is corre t

    • @TheFaisal77
      @TheFaisal77 5 месяцев назад

      ?

    • @CAAbhiJain
      @CAAbhiJain  4 месяца назад

      This us highest value during the reporting period

  • @sumedhaupadhye5062
    @sumedhaupadhye5062 6 месяцев назад +1

    Sir , nice explanation . Your No pls