Answer

1. F

   Facts

   Every ROR (Resident Ordinarily Resident) must disclose ALL foreign assets in Schedule FA of their ITR, bank accounts, property, shares, ESOPs, signing authority. Missing even one account: Black Money Act. Penalty: ₹10L per undisclosed asset. No time limit for IT to reopen. This is the one compliance you cannot skip.

2. P

   Provisions and law

   • Sec 263 (old 139), mandatory filing
3. A

   Analysis

   FATCA is real and it works: Indian IT department receives automatic data from USA, UK, Canada, Australia, UAE (from 2024), Singapore, and 100+ countries annually. Foreign banks report Indian customers. If you haven't disclosed: IT already knows. What must be disclosed: Any bank account where you are owner OR signing authority. ESOPs of foreign company (even unvested, even zero value). Foreign property. Shares in foreign company (even a startup equity grant worth $1). Trust as beneficiary. What details are needed: For each bank account: peak balance during year (highest balance on any single day), closing balance (March 31), interest earned, account number, SWIFT/IBAN, country. For ESOPs: company name, number of shares, acquisition date, cost, value.

4. C

   Conclusion

   1. 1List every foreign bank account (checking, savings, FD, brokerage), include closed ones (peak balance year still needed)
   2. 2List all foreign property: residential, commercial, land
   3. 3List all ESOPs/RSUs from foreign company employers, even unvested
   4. 4List signing authority in any foreign entity (director, trustee, authorized signatory)
   5. 5Get peak balance statements from each foreign bank for the FY
   6. 6Get ESOP statement from foreign employer showing shares and values

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