What is the penalty for not filing Schedule FA?

Non-disclosure or inaccurate reporting in Schedule FA can lead to a penalty of up to ₹10 Lakhs per financial year under the Black Money Act.

Is Schedule FA mandatory for RNORs?

Yes, Residents but Not Ordinarily Residents (RNOR) who qualify as tax residents in India must disclose their foreign assets in Schedule FA.

Schedule FA ReporterFY 2026-27

Compliance check for Indian residents/RNORs to disclose foreign assets and income.

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Quick Summary: Schedule FA Reporter

In FY 2026-27, Schedule FA is mandatory for Indian Residents and RNORs to disclose global assets. Failure to report foreign bank accounts or shares can attract a ₹10 Lakh penalty under the Black Money Act. Pure NRIs are generally exempt.

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Regulatory Disclaimer · FY 2026-27

Last verified May 2026

Statutory Disclosure

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