Invested in foreign shares? Know how to file ITR with ‘relevant accounting period’ for reporting foreign assets in Schedule FA?

If you have invested in foreign stocks, mutual funds, or own any foreign assets, you need to declare this in your Indian Income Tax Return (ITR) under Schedule FA or FSI. July 31, 2026 is the deadline to file Income Tax Return (ITR) for students, pensioners, salaried individuals and other taxpayers who don't need to undergo a tax audit. For the Tax Year, the due date is July 31, 2027. Keep in mind that while ITR forms follow a calendar year format for reporting foreign assets, this might not apply in other countries like Australia or Costa Rica.

Check out the details below to know more about this.

What is Schedule FA of ITR

Reporting in Schedule FA (Foreign Assets) is mandatory for a taxpayer who is a resident in India and:

(a) holds any asset outside India
(b) has signing authority in any account located outside India or
(c) has income from any source outside India.

Also read: Have foreign income or assets? AIS to soon show foreign assets and income details shared by foreign countries

This schedule FA is not required to be filed by a taxpayer who is a non-resident (NR) or Not ordinarily Resident (NOR).

Schedule FA requires reporting of assets held outside India. Such reporting is needed if those assets are held at any time during the relevant accounting period. It must be reported even if the asset is held just for a day during the relevant accounting period.

Also read: ITR filing 2026: NRIs need to file Schedule FA in ITR to declare foreign asset for AY 2026-2027 in this case

What should be the 'relevant accounting period' for reporting foreign assets in Schedule FA?

Naveen Wadhwa, vice president, Taxmann says that the ITR Forms use the expression calendar year ending as on December 31, 2025. This implies that the assessee shall furnish the details of all foreign assets held between January 1, 2025 and December 31, 2025 in the ITR to be filed for the Assessment Year 2026-27.

Also read: CBDT clarification: All approvals like Nil or lower TDS certificate and existing tax benefits will continue under Income Tax Act, 2025; Here’s what it means for you

Irrespective of the fiscal year followed in the foreign country (for example, Australia follows July to June, Costa Rica follows October to September), the reporting is necessary if the specified foreign assets are held on December 31, 2025.

Example 1

Relevant previous year	April 1, 2025 to March 31, 2026
Relevant calendar year	January 1, 2025 to December 31, 2025
Date of purchase of shares of Google LLC	January 2025
Is the assessee required to furnish the details regarding the foreign assets acquired?	Yes

Source: Taxmann Research

The assessee has to furnish the details of Google LLC's share in ITR applicable for the Assessment Year 2026-27 even though he has not held the foreign asset in the relevant previous year.

Example 2

Relevant previous	April 1, 2025 to March 31, 2026
Relevant calendar year	01-01-2025 to 31-12-2025
Date of purchase of shares of Google LLC	January 2026
Is the assessee required to furnish the details regarding the foreign assets acquired?	No

The shares of Google LLC were acquired within the previous year, but after the end of the relevant calendar year. Thus, the assessee is not required to furnish the details of Google LLC's share in the ITR applicable for the Assessment Year 2026-27. Such investment has to be reported only in Tax Year 2026-27.