Disclose all foreign bank accounts in Schedule FA of ITR; non-reporting can attract penalties up to ₹10 lakh per account.
This infographic explains the process for Indian residents to report offshore bank accounts in their ITR. Include details like bank name, account number, country, peak balance, and account type in Schedule FA. Interest income from these accounts is taxable in India, with foreign tax credit available under DTAA. Maintain proper documentation and file Form 67 to claim FTC. Non-disclosure can lead to severe penalties under the Black Money Act.