It is better to hire a CA bcz schedule FA contains multiple tables. You are required to disclose the transactions in the correct table otherwise it may attract scrutiny.
Reporting foreign assets on Schedule FA
I am an OCI, and had RNOR status till last year, but need to file as a resident this year. In ITR2, which section in Schedule FA I should list my: 1. US bank accounts 2. US equity - does each individual stock need to be listed separately? 3. US mutual funds - does each individual mutual fund need to be listed separately?
Asked 4 years ago in Income Tax
Vivek, thank you for your response, but I am afraid I don't see an answer there - I am already aware that there are multiple tables in Schedule FA and that's exactly what my initial question was about. Will appreciate if you can answer that: Which section / table of Schedule FA of ITR2 do I need to report the following: 1. US bank accounts (checking and savings) - is it in section A1? 2. US stock (listed on NASDAQ) - is it in section A3? Does each stock need to be listed separately? 3. US mutual funds - is it section B or section D (or some other section)? Does each mutual fund need to be listed separately?
Asked 4 years ago
1.A1
2. A3. Yes
3. A3. Yes. Mutual funds are derivatives of equity.
If the total income is more than Rs.50 lacs then you need to report in schedule AL also.
Dear Sir,
Hope you are doing well !!
1. Yes it is in section A1.
2. Yes, It is in section A3.
3.Yes, each mutual fund need to be listed separately.
1. Yes
2. Yes separately
3. Yes. Mutual fund and share both would be shown in A3. section B relates to details of company or firm in which you have interest.
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Thank you.
Hello,
1. Yes, Foreign bank accounts will be mentioned in A1.
2. Foreign Shares would be mentioned separately in A3.
3. Mutual funds would also be declared under Sec. A3.
Regards,
CA Hunny Badlani
1. Which section of Schedule CG should the STCG from sales of some of these US stocks and mutual funds be reported - Section A5(a)(i) or A5(a)(ii)? 2. Which section of Schedule OS should the dividend income from some of these US stocks and mutual funds be reported - Section 1(a)?
Asked 4 years ago
1. A5(a)(i)
2. Yes you are correct
Dear Sir,
1. It should be reported under the head-
Section A5(a)(i)
2. Your understanding is correct.
1. A5(a)(i)
2. 1(a) of Schedule OS.
Hello Sir,
1. Yes.US bank accounts (checking and savings) to be declared under section A1.
2. Yes, It needs to be shown separately under sec A3.
3. It needs to be declared under sec A3.
Hello Sir,
1.The STCG from sales of some of these US stocks and mutual funds be reported - Section A5(a)(i).
2.The dividend income from some of these US stocks and mutual funds should be reported - Section 1(a) i.e. your understanding is absolutely correct.
Dear Sir,
Each US Equity and mutual funds needs to be reported separately while filing ITR.
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