Indian residents must report all foreign bank accounts in Schedule FA of their ITR to avoid heavy penalties under the Black Money Act.
This infographic provides a step-by-step guide for Indian residents (ROR) on reporting foreign bank accounts in their Income Tax Return. Foreign account details must be disclosed in Schedule FA, and any interest or income earned is taxable in India. Failure to report can lead to a penalty of ₹10 lakh per account and prosecution. Maintain proper records and consult a tax expert for compliance.