<h1>Disclosure of foreign assets and income under CRS/FATCA mandates reporting in designated ITR schedules to claim tax relief and avoid penalties.</h1> CRS and FATCA require financial institutions to report foreign account and income details to support cross border tax transparency. India receives identifying account and income data that the Income Tax Department uses to identify undisclosed foreign assets and global income of residents. Residents must disclose foreign assets and foreign-source income in ITR via Schedule FA (tables A1-G), Schedule FSI and Schedule TR; Schedule FA covers depository and custodian accounts, investments, insurance contracts, financial interests, immovable property, trusts and other foreign income, with valuation and exchange rate rules and definitions of beneficial owner and beneficiary.