Answer

1. F

   Facts

   No. A resident with foreign assets or foreign income must use ITR-2 or ITR-3 and fill Schedule FA and, where relevant, Schedule FSI.

2. P

   Provisions and law

   • Rule 12, Income-tax Rules 1962 (now Rule 164, Income-tax Rules 2026)Prescribes the ITR forms and who must use which form.
   • Sec 139(1), Income-tax Act 1961 (now Sec 263(1), Income-tax Act 2025)Resident with foreign assets must file a return.
3. A

   Analysis

   Foreign stocks, RSUs, foreign bank accounts and foreign property all count. Report them for the calendar year as the form asks. Claim foreign tax credit with Form 67 (now Form 44) if tax was paid abroad. Missing Schedule FA can attract large penalties.

4. C

   Conclusion

   1. 1List foreign assets and income.
   2. 2Use ITR-2 or ITR-3.
   3. 3Fill Schedule FA and FSI.
   4. 4File Form 67 for foreign tax credit if needed.

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