Schedule FA (foreign assets) requirement for RNOR

[kallu]

Dear kallu,

4. If the return does not accept "Not Applicable" as a reply, then the programme having a birth defect , you will be required to say yes and provide the information.
.02 As I have yet not filed the new return of income . this is what I presume should be the programmed outcome.

I was thinking of filing a paper return so that I could answer "Not Applicable" to the question. However, that doesn't seem possible now that folks with >10L income are required to efile.

I am curious to see how other RNOR folks are handing this issue.

[Desi_Friend]

i am also in the same boat
Any suggestions from experts??

I was thinking of filing a paper return so that I could answer "Not Applicable" to the question. However, that doesn't seem possible now that folks with >10L income are required to efile.

I am curious to see how other RNOR folks are handing this issue.

[kohlid]

Schedule FA (foreign assets) requirement for NRI

Hello experts,

Do NRI tax payers need to file Schedule FA?

[RAJESH H DHRUVA]

Dear kallu,
1. An individual covered by the definition of Non-Resident (NR) and Resident but Not Ordinarily Resident (R but NOR) under the Income tax Act ,1961 may mention "NO / NOT APPLICABLE " against the Clause seeking details re: "FA" [ Foreign Assets ] seeking information regarding foreign assets.
2. It may be noted that the Instructions to said para clearly mention that the information is to be provided by the individual who is a Resident of India.
.02 Therefor only R&OR are to fill in the details.
3. On a different note Section 139 mentions that said information is to be provided by an individual who is a resident not required to file a tax return by virtue of income being below taxable limits but who has foreign assets .
.02 Whereas the tax return has note that ' This schedule is not applicable for NRI/(Non Resident Indian ) as per Residential status".
.03 Income Tax Act defines an individual as Non Resident but there is no definition of NRI.
.04 This example shows the drafting idiocracies.

Best wishes.
RAJESH H DHRUVA

I was thinking of filing a paper return so that I could answer "Not Applicable" to the question. However, that doesn't seem possible now that folks with >10L income are required to efile.

I am curious to see how other RNOR folks are handing this issue.

[RAJESH H DHRUVA]

Dear Kohlid,
1. No.An NRI if he is a Non Resident or Rbut NOR under the Income Tax Act , 1961 is not required to mention Foreign Assets.
2. Although note in the return of income speaks of an NRI the law refers to NR or RbutNOR.

Best wishes
RAJESH H DHRUVA

Schedule FA (foreign assets) requirement for NRI

Hello experts,

Do NRI tax payers need to file Schedule FA?

[gabbar007]

Do US Citizens and other foreign expatriates living in India, have to fill schedule FA too?

Regards,
-g

[suny]

Yes if you are resident for tax purposes. Only RNORs are exempted

[post_r2i06]

Hi Experts,

In Schedule FA - they are asking for "peak balance in INR". For bank accounts this can be calculated but for stocks how to calculate that? ( as stock value would have changed every day and so does exg rate)?

Is it - peak dollar balance * ex rate on that day?
or daily usd balannce * exg rate on that day - and then pick max of year?

Also - does 401K ( IRA) need to be reported in schedule FA?

-Thanks,

[gabbar007]

I am showing all IRAs, Roth or otherwise including ESPP etc. in other assets. No harm in declaring excess information when there is no clarity, better err on the side of caution.

Hi Experts,

In Schedule FA - they are asking for "peak balance in INR". For bank accounts this can be calculated but for stocks how to calculate that? ( as stock value would have changed every day and so does exg rate)?

Is it - peak dollar balance * ex rate on that day?
or daily usd balannce * exg rate on that day - and then pick max of year?

Also - does 401K ( IRA) need to be reported in schedule FA?

-Thanks,

[Desi_Friend]

Thanks Rajesh!!
I am filling the Excel utility (from https://incometaxindiaefiling.gov.in/portal/individual_huf.do) to file my returns.
As Kallu asked above, we can only fill YES or NO against FA colum. We cannot enter NA/NOT APPLICABLE as you suggested. Since efiling is mandatory, we cannot send paper return. If RNORs have FAs, and fill YES, then we need to fill the data in "TR_FA" page of the excel utility. So, is it ok to fill "NO" by the virtue of one being RNOR? Please help. Thanks!!

http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/income-tax-department-adds-new-column-for-declaring-foreign-assets/articleshow/15108125.cms

Dear kallu,
1. An individual covered by the definition of Non-Resident (NR) and Resident but Not Ordinarily Resident (R but NOR) under the Income tax Act ,1961 may mention "NO / NOT APPLICABLE " against the Clause seeking details re: "FA" [ Foreign Assets ] seeking information regarding foreign assets.
2. It may be noted that the Instructions to said para clearly mention that the information is to be provided by the individual who is a Resident of India.
.02 Therefor only R&OR are to fill in the details.
3. On a different note Section 139 mentions that said information is to be provided by an individual who is a resident not required to file a tax return by virtue of income being below taxable limits but who has foreign assets .
.02 Whereas the tax return has note that ' This schedule is not applicable for NRI/(Non Resident Indian ) as per Residential status".
.03 Income Tax Act defines an individual as Non Resident but there is no definition of NRI.
.04 This example shows the drafting idiocracies.

Best wishes.
RAJESH H DHRUVA