Answer

1. F

   Facts

   Residents must report foreign assets and foreign income in Schedule FA and Schedule FSI of the return. The department has run campaigns where data from other countries shows assets not reported.

2. P

   Provisions and law

   • Sec 139(1), Income-tax Act 1961 (now Sec 263(1), Income-tax Act 2025)A resident with foreign assets must file a return even if income is below the limit.
   • Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015Penalty for failing to report foreign assets by a resident.
3. A

   Analysis

   RSUs or ESOP shares of a foreign parent held by a resident are foreign assets for Schedule FA, even if not sold. If you missed them in the AY 2026-27 return, a revised return before 31 March 2027 is the clean fix. For earlier years, take advice, because penalties under the Black Money Act can be heavy. Non-residents and RNORs do not need to fill Schedule FA.

4. C

   Conclusion

   1. 1List all foreign accounts, shares, RSUs and property held during the year.
   2. 2Check whether you were resident and ordinarily resident.
   3. 3File a revised return with Schedule FA if the window is open.
   4. 4For older years, get CA advice before responding.

Failure to report foreign assets can attract a penalty of ₹10 lakh under the Black Money Act; check the latest position.

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.