Competitively priced Schedule FA — foreign assets in India

Schedule FA — who files it, when it is due, what late filing costs, and what we charge to prepare it. India (Income Tax Department). Competitively priced Schedule FA with a fixed fee agreed in writing before any work starts. Call the 24-hour helpline on +1 (416) 619-0068, or request a written quote today.

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Secure a fixed quote

Start by sending whatever paperwork exists — a written fixed quote comes back before any work begins.

24-hour helpline: +1 (416) 619-0068
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  • 15+ years of cross-border experience
  • Fixed fee agreed before work starts
In 60 words

Schedule FA is an information return: The foreign asset schedule of the Indian return: foreign accounts, securities, immovable property, entities and trusts. Indian residents holding any foreign asset or signing authority, regardless of value or income.

Whether this is your situation

Indian residents holding any foreign asset or signing authority, regardless of value or income.

One question decides the rest of the file. There is no value threshold — one foreign account is enough — and the penalty regime behind non-disclosure of foreign assets is the harshest in Indian tax law. Returning NRIs are the group most often caught, because the assets predate their Indian residency.

Two of the firm’s advisers at a desk in the Delhi office

Transparent, fixed pricing for schedule fa India

The fee for a Schedule FA is driven by how many foreign items have to be listed — each account, security holding, property, entity or trust is a separate line with its own dates and values — and by whether the assets are being disclosed for the first time after several years of Indian residency. Quoted in writing before work starts.

NRI Indian return (ITR-2) — fixed-fee price

From $349

fixed, quoted before work starts

The Indian return on India's own year, reconciled against the department's information statement, with treaty relief and the deduction-at-source credits properly claimed.
See the full fee page

T1135 foreign property filing — fixed-fee price

From $349

fixed, quoted before work starts

The Canadian foreign property statement built on cost amount, in Canadian dollars, across everything the test reaches — including holdings people assume are excluded.
See the full fee page

Foreign asset & information reporting

From $349

fixed, quoted before work starts

Disclosure of assets and interests held abroad, built once from a single asset list and filed on every side that asks for it.
See the fee schedule

Individual tax filing

From $349

fixed, quoted before work starts

A personal filing built from your own documents — employment, investment and rental income across borders, with the treaty position set out.
See the fee schedule

Non-resident & departure filings

From $349

fixed, quoted before work starts

The filings that follow a move: the departure year, the arrival year, and the income that keeps arriving from the country behind you.
See the fee schedule

Catch-up & voluntary disclosure

From $349

fixed, quoted before work starts

Bringing an unfiled history current: which years are still open, which programme applies, and what the exposure is before you commit.
See the fee schedule

Estate & trust filing

From $799

fixed, quoted before work starts

Trust and estate filings that reach across a border, including the reporting a foreign beneficiary or a foreign asset creates.
See the fee schedule

Corporate cross-border filing

From $999

fixed, quoted before work starts

The corporate return and its cross-border schedules as one engagement, so the group files a consistent position everywhere.
See the fee schedule

All published fees on one page — one page, every published fee, nothing quoted as a vague bracket.

What the reporting test actually looks at

What decides whether Schedule FA applies
What the test looks atWhere the figure comes from
The obligationThe foreign asset schedule of the Indian return: foreign accounts, securities, immovable property, entities and trusts.
Who it bindsIndian residents holding any foreign asset or signing authority, regardless of value or income.
Jurisdiction and authorityIndia — Income Tax Department
Category of filingInformation return

When it is due

Information returns are generally due with — or on the same timetable as — the return they accompany, so the deadline is the filing deadline of the underlying return unless the rules set a separate date. Where an extension covers the return, confirm whether it also covers this form; several information returns keep their own date. The deadline is set out in writing with the engagement, along with what has to be in our hands to meet it.

What late or missed filing costs

The penalty on an information return is charged per form and per year, and it does not depend on tax being owed. That is the whole risk profile: a filer with no tax to pay can still accumulate a substantial liability across unfiled years, and the exposure compounds with each additional entity or account that should have been reported. None of that is unusual, and none of it is unfixable. It is, however, cheaper to address before an authority raises it.

Worked through with figures

Here is the rule doing its work on an actual set of amounts.

Deduction on the price against tax on the gain

An NRI sells Indian property for ₹37,200,000 with an indexed cost of ₹11,160,000. Assume the buyer must deduct at 21% of the consideration, and assume tax on the gain at 14%.

Deduction on the price against tax on the gain
ItemAmount
Sale consideration₹37,200,000
Cost taken into account₹11,160,000
Gain actually arising₹26,040,000
Deduction on the consideration (assumed 21%)₹7,812,000
Tax on the gain (assumed 14%)₹3,645,600
Cash held back beyond the real tax₹4,166,400

₹4,166,400 more is deducted than the transaction actually owes. A lower-deduction certificate obtained before closing is what releases it at the table; without one it sits with the department until a return recovers it. We run this on your actual numbers before advising anything, because the conclusion can invert with a modest change in inputs.

The figures here are an illustration, not an engagement: amounts are picked so the mechanism is easy to follow, and every rate or threshold is an assumption of the example. Before anything is filed for you, each one is confirmed with the issuing authority for your own tax year.

How we prepare and file it, and what it costs

The fee for Schedule FA is fixed against a written scope and agreed before we start. It is not billed by the hour and it does not move after the fact. See the foreign company with an Indian subsidiary — filings for comparable engagements.

The four steps

  1. 1A call to the 24-hour helpline to find out whether this is a filing or a project
  2. 2A fixed fee for a written scope — re-quoted if the scope changes, never invoiced silently
  3. 3Preparation against the evidence, with the positions documented as we go
  4. 4Your approval, then the filing — in that order
  • A 24-hour helpline, +1 (416) 619-0068, before you commit to anything.
  • Authorisation with each authority, so we see the assessments and slips directly rather than asking you for them.
  • A change of scope is re-quoted before the work, never added to the invoice after it.

One call is usually enough to know whether this is a filing or a project.

Checked and signed off for the 2025 and 2026 filing seasons by Udit Gupta, Cross-Border Tax Expert, Legal Quotient Consultants. General information, not advice for your circumstances — call our 24-hour helpline to discuss your own position.

Where foreign assets disclosure comes into this file

This is the page to read on foreign assets disclosure. It takes Schedule FA in order — the test that decides who is affected, the returns and forms that follow from it, and a fee quoted in writing before anything starts.

People also search for: indirect tax · tax and law · what if i have a foreign bank account · disclose foreign bank accounts.

There is no value threshold — one foreign account is enough — and the penalty regime behind non-disclosure of foreign assets is the harshest in Indian tax law.

The four phases of the work

  1. Upload the file as it stands

    A secure link arrives after the first call. Incomplete is fine; that is what the review is for.

  2. The number is settled up front

    Priced from your own documents and confirmed in writing before any preparation begins.

  3. Both returns on one desk

    One engagement covers every country the file touches, reconciled line against line.

  4. Your approval, then the filing

    The return is yours to check first. We file once you say so.

How schedule fa India is handled here

Factor Legal Quotient Hourly billing model
Pricing A fixed fee, agreed in writing before work starts Hourly, billed as incurred
Experience 15+ years of cross-border work, 18,000+ clients Varies by file
Both sides of the border Prepared together by one team, so relief is claimed exactly once One country at a time, reconciled later
Who reviews it A named practitioner, published on the page Whoever the queue reaches
Where the work happens Our offices in India, the USA, Canada and the UAE Whichever single office you can travel to

Four terms worth pinning down

Central management and control
The test used to determine corporate and trust residence in several systems: where the strategic decisions are actually taken, not where the register is kept.
Clubbing of income
The Indian attribution of income back to a transferor where assets were transferred to a spouse or certain relatives without adequate consideration.
Section 116 certificate
The Canadian clearance certificate on a non-resident's disposition of taxable Canadian property. The purchaser holds back part of the price until it issues.
Notice of objection
The formal Canadian dispute of an assessment. The deadline is the whole ball game: inside it the assessment is disputed, outside it the routes narrow sharply.
schedule fa India: How we read this one

There is no value threshold — one foreign account is enough — and the penalty regime behind non-disclosure of foreign assets is the harshest in Indian tax law.

None of what follows shifts the terms. Scope and fee are settled in writing before anything is prepared, the result carries a named reviewer, and nothing is filed unseen.

Schedule fa India — what the published fees look like

A second factor is where the records come from. Foreign bank and brokerage statements that you already hold price differently from holdings whose statements have to be requested back from institutions abroad and converted before the schedule can be built. Both routes are priced from the documents, not by the hour.

NRI Indian return (ITR-2)

$349fixed, before work starts

Covers: The Indian return on India's own year, reconciled against the department's information statement, with treaty relief and the deduction-at-source credits properly claimed.

What makes it bigger: Property and capital gains together. Rent with deduction at source is routine; a property sale in the same year brings computation, indexation and often a certificate application.

See this fee page

FBAR & Form 8938 disclosure

$449fixed, before work starts

Covers: Both US foreign-asset reports prepared from one account and asset list, with the different contents each of them requires, and reconciled to the return they accompany.

What makes it bigger: Accounts you do not think of as yours. Signature authority over an employer's or a relative's account is inside one report and often outside the other, and finding them takes longer than filing them.

See this fee page

Why choose Legal Quotient for schedule fa India

Both sides prepared together

Two returns built against each other by one team, so relief is claimed exactly once and nothing falls between the two systems.

The quote comes from your documents

Nothing is priced from a phone call. We read what you have first, then the fee is set — so the scope and the number are agreed on the same evidence.

The order of filing is planned, not improvised

Which return goes first decides whether relief can be claimed at all. That sequence is worked out before anything is submitted.

Cross-border is the whole practice

International and cross-border tax is all we do — not a sideline next to domestic work. The edge cases on this page are our ordinary Tuesday.

Two of the firm’s advisers and the team in the open-plan office

From first call to filed return

Step 1

The opening call

A call to the 24-hour helpline to find out whether this is a filing or a project

Step 2

Scope in writing

A fixed fee for a written scope — re-quoted if the scope changes, never invoiced silently

Step 3

Prepared and checked

Preparation against the evidence, with the positions documented as we go

Step 4

Filed, then supported

Your approval, then the filing — in that order

Two of the firm’s advisers at the glass desk in the Delhi office

A fixed quote first, in writing

  • Step 1: Documents first, questions second – We read the file before asking anything, so the questions we do ask are the ones that matter.
  • Step 2: A quote you can hold us to – Fixed in writing against a defined scope. No hourly meter, and no revision after the fact.
  • Step 3: The order of filing decided deliberately – Which return goes first can decide whether relief is available at all. That is planned, not discovered.
  • Step 4: Nothing filed without your sign-off – You see the completed work, ask what you need to, and approve it before submission.

Quoted up front, in writing.

Contact Us 24-hour helpline +1 (416) 619-0068

Where to go next

Every link below is a full page of its own — the same depth as this one, for its own subject.

Core services for this situation

DTAA relief — India and Canada Its own page: DTAA relief — India and Canada — mechanism, deadlines and published fees.
GST/HST registration — for non-residents, indirect tax Everything on indirect tax, at the same depth as this page.
Form 8938 vs FBAR — filing both Form 8938 vs FBAR filing both — the guide, the FAQ and the fixed fee.
Form NR301 — treaty benefit declaration The full guide to nr301 treaty benefit declaration, with the fee fixed before any work starts.
Form ITR-7 — trusts & institutions (India) Its own page: ITR-7 India — mechanism, deadlines and published fees.
Global mobility calendar & day tracking Everything on global mobility calendar & day tracking, at the same depth as this page.
Local file Local file — the guide, the FAQ and the fixed fee.
Family business succession across borders The full guide to family business succession across borders, with the fee fixed before any work starts.
Pillar Two readiness assessment Its own page: pillar two — mechanism, deadlines and published fees.

Who we help

Tax for diplomatic & consular staff Its own page: diplomatic & consular staff tax — mechanism, deadlines and published fees.
Tax for gig-economy drivers & couriers Everything on gig-economy drivers & couriers tax, at the same depth as this page.
Management consultants — what we charge Management consultants what we charge — the guide, the FAQ and the fixed fee.
Nurses working abroad — relief you're probably missing The full guide to nurses working abroad relief you're probably missing, with the fee fixed before any work starts.
Importers & exporters cross-border tax Its own page: importers & exporters cross border tax — mechanism, deadlines and published fees.
Freight forwarders cross-border tax Everything on freight forwarders cross border tax, at the same depth as this page.
Non-resident landlords — what you owe in each country Non-resident landlords what you owe in each country — the guide, the FAQ and the fixed fee.
Tax for freelance designers & writers The full guide to freelance designers & writers tax, with the fee fixed before any work starts.
Oil & gas rotational workers — what you owe in each country Its own page: oil & gas rotational workers what you owe in each country — mechanism, deadlines and published fees.

The corridors we work every week

South Korea tax for expats — country guide Its own page: South Korea tax for expats — mechanism, deadlines and published fees.
Mauritius tax for expats — country guide Everything on mauritius tax for expats, at the same depth as this page.
Canada–Germany tax corridor Canada Germany tax — the guide, the FAQ and the fixed fee.
UAE tax for expats — country guide The full guide to UAE tax for expats, with the fee fixed before any work starts.
Cayman Islands tax for expats — country guide Its own page: cayman islands tax for expats — mechanism, deadlines and published fees.
Switzerland tax for expats — country guide Everything on Switzerland tax for expats, at the same depth as this page.
Romania tax for expats — country guide Romania tax for expats — the guide, the FAQ and the fixed fee.
Barbados tax for expats — country guide The full guide to Barbados tax for expats, with the fee fixed before any work starts.
Oman tax for expats — country guide Its own page: Oman tax for expats — mechanism, deadlines and published fees.

The people on your file

Five named practitioners, each with the part of a cross-border file they carry. Every page on this site says who reviewed it, and the reviewer is one of these people rather than an unnamed team.

Udit Gupta

Udit Gupta

Cross-Border Tax Expert

CA (ICAI), In-Depth Tax Trained

Reviews and signs off the practice's cross-border positions, and carries final responsibility for the treaty analysis on every file that leaves the office.

Abhinav Gupta

Abhinav Gupta

Canada Tax / International Tax

Canada Tax, International Tax, Cross-Border Tax, Transfer Pricing

Canadian returns with foreign income, non-resident filings, and the transfer-pricing documentation that runs alongside intercompany work.

Raghav Gupta

Raghav Gupta

International Tax

International Tax, Transfer Pricing Specialist

Benchmarking, method selection and the local-file and master-file sets that support a group's pricing policy under examination.

Anmol Mittal

Anmol Mittal

Canada and US tax

CPA Canada, CPA USA, CA (ICAI)

Files that have to be right on both sides of the border at once — dual filings, streamlined catch-ups, and the foreign tax credit reconciliation between them.

Vinayak Indolia

Vinayak Indolia

CFO advisory

CPA, CA. Fractional CFO and Senior Advisory Specialist

Groups that need the tax position and the finance function to agree: structure reviews, intercompany policy, and the reporting a board can act on.

Meet the whole team

What these engagements turn on

Case study 1

Whether the Year Made Someone an NRI

Indian residence is decided by presence tests applied to the financial year, and a single trip can change the answer for the whole of it. The status is established before any return or exemption is considered.

Read how this one runs
Case study 2

Inheriting Property in India While Living Abroad

India does not tax the inheritance itself, but the later sale and the money leaving the country both have positions of their own. The file establishes the cost base to use on that sale and what the remittance will require.

Read how this one runs
Case study 3

A US Filer Married to Someone Outside the System

Electing to treat a non-resident spouse as a US filer buys joint rates and brings that spouse's worldwide income and foreign accounts into the return. The election is easy to make and hard to revoke, so both positions are modelled first.

Read how this one runs
Case study 4

A Company Abroad Owned by a US Person

A business incorporated where the owner lives is a foreign corporation to the IRS, with a reporting package of its own and schedules that need local accounts restated. Classification comes first, because it decides what is reportable and when profits are taxed.

Read how this one runs
Case study 5

Information Returns Missed Behind a Correct Return

The heaviest exposure on a cross-border file is often a disclosure form rather than the tax. Where the return itself was right, the procedures for late information returns turn on a reasonable-cause narrative with dates and documents behind it.

Read how this one runs
Case study 6

A US Citizen Settled in India, Filing on Both Sides

Residence in India and citizenship in the United States produce two annual returns for one income. The order decides the credit, and the Indian financial year and the US calendar year have to be reconciled before either is prepared.

Read how this one runs
Case study 7

Options Granted in India and Exercised Elsewhere

Where the grant, the vesting and the exercise happen in different countries, each may claim part of the same gain. Apportioning it across the period worked is what prevents the whole amount being taxed twice.

Read how this one runs
Case study 8

A US LLC Owned by a Canadian, Taxed Twice by Design

The two countries classify an LLC differently, so the credit relief that ought to apply frequently does not. The engagement looks at whether the structure can be changed, and where it cannot, at how to make the credit work.

Read how this one runs

All case studies — every published engagement in one place.

Core International & Cross-Border Tax Services

International Tax Planning & Advisory

Strategy and compliance for income, assets and families spread across borders.

One coordinating team: filings on every side of the border are sequenced so treaty relief and foreign tax credits are claimed once — and in the right country.

U.S. & Cross-Border Tax Returns

Dual filers: U.S. citizens in Canada and Canadians with U.S. income run two parallel systems — we prepare both, in the right order, every year.

Expat & Emigration Tax

The move year is its own project: the elections and valuations filed that year decide the next decade of both countries’ returns.

Non-Resident Canadian Tax

Default withholding is 25% of gross: elective returns routinely turn over-withheld rent and pensions into refunds.

Transfer Pricing & BEPS

Documentation prepared with the return is the cheapest insurance in international tax; reconstructing it during an audit is the most expensive.

Cross-Border Estates & Trusts

Wills drafted for one country routinely misfire in the other — deemed disposition here, estate tax there, credits in between.

Cross-Border Corporate Tax

Expansion raises the same four questions every time — entity, PE, repatriation, payroll. We answer them before the tax authorities do.

India Tax for NRIs & Returning Residents

The deduction is taken on the sale price, not the gain — which is why an NRI property sale strands cash unless the certificate is applied for before closing.

Canadian Tax with a Foreign Element

Residency is decided on facts, not on a form — and the year you arrive or leave is the one where the largest amounts turn on the smallest details.

UAE Tax for Expats & Their Home Country

A zero-tax country is only half the answer — the question that decides the bill is whether the country you came from still treats you as resident.

Industries & Client Types We Serve Worldwide

Global E-commerce & Marketplaces
Technology & SaaS
Professional Services Firms
Cross-Border Real Estate
Importers, Exporters & Manufacturers
Athletes, Artists & Entertainers
Remote Workers & Digital Nomads
Investment Funds & Holding Companies

Global E-commerce & Marketplaces

Cross-border tax for sellers shipping worldwide: marketplace withholding, foreign registrations and inventory nexus handled before they become audits.

Marketplaces withhold, remit and report in their own right, so the tax position of a single sale is decided by where the stock sat, where the buyer was and which platform collected — not by where the company is registered. We reconcile the platform's own filings against the returns before either is submitted.

  • Foreign VAT / GST / sales tax registrations
  • Marketplace withholding reviews
  • Inventory nexus & PE analysis
  • Multi-currency books reconciled
Explore E-commerce & Marketplaces

Technology & SaaS

  • Cross-border revenue sourcing & withholding
  • IP structuring with real substance
  • Equity for cross-border teams
  • U.S. expansion: entity & PE setup
Explore Technology & SaaS

Importers, Exporters & Manufacturers

  • Transfer pricing documentation (s.247)
  • Customs value vs transfer price
  • Foreign affiliate reporting (T1134)
  • Country-by-country reporting
Explore Trade & Manufacturing

Athletes, Artists & Entertainers

  • Reg 105 & U.S. CWA agreements
  • Multi-state & country calendars
  • Touring income allocation
  • Royalty & image-rights withholding
Explore Athletes & Entertainers

Remote Workers & Digital Nomads

  • Residency analysis before moving
  • Employer payroll exposure
  • Totalization & social security
  • Foreign tax credits
Explore Remote Workers

Investment Funds & Holding Companies

  • Treaty access & PPT reviews
  • FAPI & surplus computations
  • Withholding-efficient routing
  • Governance & substance
Explore Funds & Holdcos

Schedule FA — questions we are asked

Do I file Schedule FA even if no tax is owed?

Information return obligations of this kind are generally required on the facts rather than on the tax result, so a nil position does not remove one. Indian residents holding any foreign asset or signing authority, regardless of value or income.

What happens if I have missed Schedule FA for several years?

Missed years are dealt with as a package rather than one at a time, because the route chosen for the first year affects the relief available for the rest. We map the years and the obligations before anything is filed.

Is Schedule FA the same as the other reports I already file?

No. The foreign asset schedule of the Indian return: foreign accounts, securities, immovable property, entities and trusts. Satisfying a different obligation, even one covering the same accounts or entity, does nothing for this one.

Do foreign shares, ESOPs and RSUs count as foreign assets in an Indian return?

Yes. Equity held directly, shares acquired under an employee plan once they have vested to you, units in foreign funds, the custodial account they sit in and the foreign bank account that funds it are all disclosable by a resident — separately, with acquisition cost, peak value and income for the year. This is where returning employees of multinational groups most often have a gap, because the plan administrator reports to the employer, not to you. See Schedule FA reporting.

What is RNOR status?

Resident but not ordinarily resident — a transitional category in India between non-residence and full residence, reached on the day counts after returning from a period abroad. While it lasts, certain foreign income stays outside the Indian tax base, which makes the timing of a return to India worth planning rather than leaving to chance. It is temporary, and the window is set by the day-count rules. See RNOR status.

What is Schedule FA and who has to complete it?

It is the foreign asset disclosure in an Indian return, and the trigger is residential status rather than income: a resident discloses foreign bank accounts, custodial and equity holdings, foreign life insurance with a cash value, immovable property and other assets held at any time in the year, plus any beneficial interest. A non-resident does not. The obligation is disclosure-based, so it applies to an account that earned nothing, and the penalties under the black-money legislation are what make it worth getting right. See Schedule FA reporting.

No hourly billing, ever

A fixed fee for Schedule FA

One call to the 24-hour helpline is enough to tell you what has to be filed, what it costs, and whether you need us at all.

  • Fixed fees agreed before work starts
  • 24-hour helpline, +1 (416) 619-0068
  • A named reviewer signs off every filing

Our practitioners are alumni of leading accounting and tax institutions

Where our partners studied — CPA Canada (In-Depth Tax Program), AICPA, the Institute of Chartered Accountants of India and the Malaysian Institute of Accountants.

Request a Quote +1 (416) 619-0068