Declaring PF account from employer on FBAR

[r2i_007]

Hi,

On the FBAR form (due June 30 every year), do we need to declare bank accounts, FD's etc as well as PF account from Indian employer?

Thanks.

[kkassociate]

YES, you need to report PF account

Foreign Financial Account? · This term includes any bank, securities or other financial account.

· "Other financial account" means an account with a person in the business of accepting deposits in a financial agency, an account that is an insurance policy with cash value or an annuity policy, an account with a broker or dealer in futures or options in any commodity on or subject to the rules of a commodity exchange or association, an account with a mutual fund or similar pooled fund, or any other investment fund. The exception is available to only Participants and beneficiaries in 401(a), 403(a) and 403(b) retirement plans which does not include Indian Retirement Accounts."


For more clarifications you can reach us on [email][email protected][/email]

[gopinathpc]

I think this deadline is for the last year (Jan 2009 to Dec 2009).
What if someone had a balance of more than $10,000 sometime this year (2010)?
Do they still need to file by June or do this in June 2011?

[kkr]

I think this deadline is for the last year (Jan 2009 to Dec 2009).
What if someone had a balance of more than $10,000 sometime this year (2010)?
Do they still need to file by June or do this in June 2011?

For this year's assets, you need to report by June of 2011.