https://www.taxtmi.com/news?id=31041 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. en-us Wed, 22 Jan 2025 10:14:48 +0530 Wed, 22 Jan 2025 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=31041 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. News - Wed, 22 Jan 2025 10:14:48 +0530 https://www.taxtmi.com/news?id=31041