Foreign bank a/c with 0 bal?File Schedule FA in ITR
Synopsis Indian taxpayers must report dormant foreign bank accounts in their ITR. This requirement applies even if accounts have zero balance and no transactions. Failure
Synopsis Indian taxpayers must report dormant foreign bank accounts in their ITR. This requirement applies even if accounts have zero balance and no transactions. Failure to disclose foreign assets can lead to penalties and legal consequences. Foreign ESOPs and RSUs also require disclosure in Schedule FA. Details of foreign assets are reported in Schedule FA and potentially Schedule AL.
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