Foreign Asset Disclosure
Schedule FA disclosure requirements under FEMA and Income Tax.
Check whether you need to disclose foreign assets / income in your Income Tax Return under Schedule FA. Black Money Act 2015 imposes severe penalties (300% of tax, plus imprisonment) for non-disclosure.
Do you hold / earn any of these abroad?
Disclosure Assessment
Select status and assets
Black Money Act 2015 - severe consequences:
- Penalty under Sec 43: ₹ 10 lakh for non-disclosure of foreign asset (separate from tax demand).
- Penalty under Sec 41: 300% of tax payable on undisclosed foreign income / asset.
- Imprisonment: Up to 7 years (rigorous imprisonment) for wilful evasion.
- No statute of limitation: Foreign assets/income can be reopened anytime (no 4 / 6 / 10 year limit).
- AIS / AEOI matching: Common Reporting Standard (CRS) shares foreign account data with India - mismatches with ITR trigger notices.
Important note: This tool provides an indicative output only. It does not factor in every special provision, surcharge, exception, or recent notification. Verify with the firm before acting on any computation.
Other FEMA Tools
LRS Limit Tracker
Liberalised Remittance Scheme — track your USD 2,50,000 annual limit.
Open Tool →Foreign Investment Eligibility
Check FDI permissibility, route (automatic / approval) and sectoral caps.
Open Tool →ECB Compliance Calculator
External Commercial Borrowing — borrowing limits, MAMP and all-in-cost.
Open Tool →