I hold foreign assets during the previous year which have been duly reported in the Schedule FA. Whether I am required to report such foreign asset again in the Schedule AL (if applicable)?
FAQs in respect of filling-up of the Income-tax return forms for Assessment Year 2022-23
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Foreign asset reporting requires disclosing the same foreign assets in Schedule AL even if previously reported in Schedule FA. Taxpayers who reported foreign assets in Schedule FA are nonetheless required to report those same foreign assets again in Schedule AL where Schedule AL applies; the duty to complete Schedule AL is independent of prior reporting in Schedule FA and both schedules may need to be furnished as part of return compliance.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign asset reporting requires disclosing the same foreign assets in Schedule AL even if previously reported in Schedule FA.
Taxpayers who reported foreign assets in Schedule FA are nonetheless required to report those same foreign assets again in Schedule AL where Schedule AL applies; the duty to complete Schedule AL is independent of prior reporting in Schedule FA and both schedules may need to be furnished as part of return compliance.
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