Type each foreign-account line from your AIS report. See per year whether Schedule FA applied, what it costs, and which route is yours.
Type each foreign-account line from your AIS report, answer six questions, and see for every year whether Schedule FA even applied to you, what the omission really costs, and
v1 — six-question triage per line, per-year ₹20 lakh test, five routes with live clocks, printable triage note.
AI tools for chartered accountants
by CA Karan Gupta
Type each foreign-account line from your AIS report, answer six questions, and see for every year whether Schedule FA even applied to you, what the omission really costs, and
Last statutory update: 26 Sept 2026 — v1 — six-question triage per line, per-year ₹20 lakh test, five routes with live clocks, printable triage note.
Schedule FA is required by the fourth proviso to s.139(1) of the Income-tax Act, 1961 from a resident and ordinarily resident who holds, as beneficial owner or otherwise, any asset outside India, has signing authority in any foreign account, or is a beneficiary of any foreign asset — and the return must be filed even where income is below the threshold. Its period is the **calendar year** ending 31 December inside the financial year, so CY2022 → AY 2023-24, CY2023 → AY 2024-25, CY2024 → AY 2025-26 and CY2025 → AY 2026-27; an account held on **any day** of that calendar year is reportable. Omission draws **₹10,00,000 under s.43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015** (s.42 where no return was filed at all), with a proviso inserted by the Finance (No. 2) Act, 2024 from **1 October 2024**: no penalty where the aggregate value of the assets other than immovable property does not exceed **₹20,00,000** (previously bank accounts of ₹5,00,000 or less). Where the source of the asset cannot be explained, s.3 charges 30% of value and s.41 a penalty of three times that tax. The lines come from CRS and FATCA: a foreign institution reports the year-end balance, gross interest, dividends and other income, and — for custodial accounts — **gross proceeds of sale**, which is a turnover figure, not income. CBDT's own words on the initiative are that it is **"to facilitate, and not to investigate"**, that the AIS **"does not constitute a complete or exhaustive record"**, and that the Schedule FA duty stands **"irrespective of whether such assets or income are reflected in AIS"**.
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