Disclose foreign insurance in Schedule FA; claim FTC for taxes paid abroad; non-disclosure attracts penalties up to ₹10 lakh.
This infographic explains how Indian residents must report foreign life insurance policies in Schedule FA of the ITR. Include policy details such as number, country, and surrender value. Maturity proceeds may be taxable if purchased with foreign income; claim FTC via Form 67 if tax is paid abroad. Non-disclosure can attract a penalty of up to ₹10 lakh per asset and prosecution risks under the Black Money Act.