Affordable Schedule FSI — foreign source income in India

Schedule FSI — who files it, when it is due, what late filing costs, and what we charge to prepare it. India (Income Tax Department). Affordable Schedule FSI 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.

  • 15+Years of cross-border experience
  • 18,000+Clients served
  • 5.0Google rating
  • 4Global offices — India, USA, Canada & UAE

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
  • Offices in India, the USA, Canada and the UAE
  • 18,000+ clients served
  • 15+ years of cross-border experience
In 60 words

Schedule FSI is an information return: The schedule reporting income from outside India and the tax paid on it, country by country. Indian residents with any foreign-source income during the year.

Does this bind you?

Indian residents with any foreign-source income during the year.

One question decides the rest of the file. It is the arithmetic the foreign tax credit claim is built from, and it has to agree with both the foreign assessment and the asset schedule. Three documents, one story.

The team at work in the open-plan office

Fixed fees for schedule fsi India, agreed up front

Schedule FSI is priced by the number of countries your income came from and the number of separate income streams within each, because every line has to be traced to a foreign assessment and the tax actually paid on it. One country and one employer is straightforward; several of each is not.

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

India–Canada dual filing (ITR + T1) — India desk price

From $349

fixed, quoted before work starts

Both returns as one engagement across two mismatched fiscal years, with the Indian deduction at source reconciled and the Canadian credit claimed where it is usable.
See the full fee page

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

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

Non-resident & departure filings

From $349

fixed, quoted before work starts

Non-resident filings and the two part-year returns a move produces, sequenced so neither country taxes the same income twice.
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

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

Corporate cross-border filing

From $999

fixed, quoted before work starts

Corporate compliance for a group that trades or holds assets in more than one country, prepared on both sides together.
See the fee schedule

All published fees on one page — each engagement priced as one number on one list, with nothing left as a range.

What the reporting test actually looks at

What decides whether Schedule FSI applies
What the test looks atWhere the figure comes from
The obligationThe schedule reporting income from outside India and the tax paid on it, country by country.
Who it bindsIndian residents with any foreign-source income during the year.
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. We diarise it from your own year end rather than from a generic calendar, because the two rarely coincide in a cross-border group.

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. We quantify the exposure in writing before recommending a route, so the decision is made on numbers rather than on anxiety.

What this looks like with numbers

The arithmetic is more persuasive than the description, so:

Deduction on the price against tax on the gain

An NRI sells Indian property for ₹18,700,000 with an indexed cost of ₹7,854,000. Assume the buyer must deduct at 20% of the consideration, and assume tax on the gain at 17%.

Deduction on the price against tax on the gain
ItemAmount
Sale consideration₹18,700,000
Cost taken into account₹7,854,000
Gain actually arising₹10,846,000
Deduction on the consideration (assumed 20%)₹3,740,000
Tax on the gain (assumed 17%)₹1,843,820
Cash held back beyond the real tax₹1,896,180

₹1,896,180 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.

Illustrative figures, not a client engagement: the amounts are chosen to make the mechanism legible, and the rates and thresholds are assumptions stated for the example only. We confirm every one of them against the issuing authority for your own tax year before anything is filed.

How we prepare and file it, and what it costs

Schedule FSI is priced as part of the filing set it travels with, quoted in writing before any work begins. A change in scope is re-quoted rather than added to the invoice. See the India ↔ UAE — DTAA for comparable engagements.

From first call to filed

  1. 1Establish whether the reporting test is met, on the correct measure
  2. 2Assemble the holdings, accounts or entities that fall inside it
  3. 3Prepare the return and reconcile it to the tax return it travels with
  4. 4File, and set the calendar entry so next year is not a catch-up
  • Your existing accountant keeps the domestic file; we take the cross-border piece, with the boundary in writing.
  • Consultations scheduled to your working day rather than ours.
  • A named reviewer signs off every statutory filing.

Whatever you have is enough to start the conversation, including nothing but the dates.

Reviewed for accuracy for the 2025 and 2026 filing seasons by Udit Gupta, Cross-Border Tax Expert, Legal Quotient Consultants. General guidance only. Your own facts decide the answer, so bring them to a call before relying on this.

What is foreign source income, in practice

Read this page for what is foreign source income. It works through Schedule FSI from the beginning — whether it applies to you at all, what has to be filed if it does, and what the engagement costs, priced up front.

People also search for: how to claim foreign tax credit · federal foreign tax credit · tax statement 2024.

It is the arithmetic the foreign tax credit claim is built from, and it has to agree with both the foreign assessment and the asset schedule.

The four phases of the work

  1. Hand over the paperwork in any state

    Sorting it is our job. Send what exists and we identify what is missing from it.

  2. Priced before a single form is opened

    The fee comes from the documents, agreed in writing, and stays where it was agreed.

  3. One position across every return

    The same facts, filed consistently on each side, so nothing contradicts anything else.

  4. Filed after you have read it

    The completed work reaches you before it reaches an authority.

What you are actually buying with schedule fsi India

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

Marital deduction
The unlimited transfer between spouses assumed in US estate and gift tax — assumed, because it depends on the recipient spouse being a US citizen.
Taxpayer relief
The Canadian discretion to cancel or waive penalties and interest — never the tax — for circumstances beyond the taxpayer's control, within a look-back limit.
Reasonable cause
The standard for penalty relief based on circumstances an ordinarily prudent person could not have avoided, evidenced with dates and documents.
FinCEN 114
The form number of the FBAR. It is filed electronically with FinCEN and is not attached to the tax return.
schedule fsi India: How we read this one

It is the arithmetic the foreign tax credit claim is built from, and it has to agree with both the foreign assessment and the asset schedule.

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.

Fixed fees around schedule fsi India

The other thing that moves the fee is the calendar. Where the foreign country's tax year does not line up with India's, the foreign-source figures have to be reapportioned before the schedule agrees with the credit claim and the asset disclosure — more work than transcribing a single matching assessment. The quote is fixed in writing first.

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

US return from abroad (1040 + 2555/1116)

$449fixed, before work starts

Covers: The US individual return prepared from abroad, with the exclusion and the foreign tax credit computed together rather than one or the other, plus the account and asset reports that travel with it.

What makes it bigger: The number of foreign accounts and foreign funds. A salary and one bank account is a straightforward return; six accounts and a portfolio of local mutual funds brings election work and additional reporting.

See this fee page

Why clients bring schedule fsi India to us

Residence is tested, not assumed

Where you are resident for treaty purposes is a question with a method. We work through it and write down the answer, with the facts it rests on.

The reporting penalties get named early

The heaviest exposure on a cross-border file is usually a disclosure form, not the tax. We identify which ones apply before a deadline turns into a penalty.

4 global offices

Meet us in person in India, the USA, Canada and the UAE, or send everything through the secure portal — the same process either way.

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.

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

How the engagement runs, phase by phase

Step 1

The opening call

A first call to map the obligations across every country involved

Step 2

Scope in writing

A single fixed fee covering the whole set, agreed before we begin

Step 3

Prepared and checked

Preparation in the order that makes the relief usable, with a reviewer's sign-off

Step 4

Filed, then supported

You approve the finished work, and we file it

The team reviewing a file together at a desk

The engagement, start to finish

  • Step 1: Tell us the dates and we will tell you the position – Arrival, departure, the years in between — the residence question turns on those before anything else.
  • Step 2: Fixed fee, defined scope, in writing – Both agreed before work starts, so the engagement cannot grow into a larger bill.
  • Step 3: Prepared together, not passed between firms – You are not the go-between for two sets of advisers working from two sets of assumptions.
  • Step 4: Reviewed, approved, filed – A named practitioner checks it, you approve it, and then it goes.

Quoted up front, in writing.

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

Keep reading, sideways

Each of these carries its own guide, pricing pointers and FAQ.

Core services for this situation

Form T1213 — request to reduce tax at source The full guide to t1213 request to reduce tax at source, with the fee fixed before any work starts.
Royalty and fees for technical services — withholding Its own page: royalty and fees for technical services — withholding — mechanism, deadlines and published fees.
India ↔ UAE — DTAA Everything on India ↔ UAE — DTAA, at the same depth as this page.
Indian TP documentation & Form 3CEB Indian tp documentation & form 3ceb — the guide, the FAQ and the fixed fee.
Form T2209 — federal foreign tax credit The full guide to T2209 federal foreign tax credit, with the fee fixed before any work starts.
Form 8288-B — withholding certificate Its own page: form 8288-b withholding certificate — mechanism, deadlines and published fees.
GST/HST registration for foreign businesses Everything on GST/HST registration for foreign businesses, at the same depth as this page.
GIFT City and IFSC for NRIs and funds Gift city and IFSC for NRIs and funds — the guide, the FAQ and the fixed fee.
Post-mortem planning & pipeline The full guide to post-mortem planning & pipeline, with the fee fixed before any work starts.

Who we help

Tax for auditors & accountants abroad The full guide to auditors & accountants abroad tax, with the fee fixed before any work starts.
Tax for international school staff Its own page: international school staff tax — mechanism, deadlines and published fees.
Tax for non-resident landlords Everything on non-resident landlords tax, at the same depth as this page.
Technology & SaaS — what we charge Technology & saas what we charge — the guide, the FAQ and the fixed fee.
Construction & contracting — what you owe in each country The full guide to construction & contracting what you owe in each country, with the fee fixed before any work starts.
Cross-border truck drivers — what you owe in each country Its own page: cross-border truck drivers what you owe in each country — mechanism, deadlines and published fees.
Media & production companies cross-border tax Everything on media & production companies cross border tax, at the same depth as this page.
Seafarers & mariners — what we charge Seafarers & mariners what we charge — the guide, the FAQ and the fixed fee.
Mining & energy cross-border tax The full guide to mining & energy cross border tax, with the fee fixed before any work starts.

The corridors we work every week

US–Spain tax corridor The full guide to US Spain tax, with the fee fixed before any work starts.
Moldova tax for expats — country guide Its own page: moldova tax for expats — mechanism, deadlines and published fees.
India–Singapore tax corridor Everything on India Singapore tax, at the same depth as this page.
Bermuda tax for expats — country guide Bermuda tax for expats — the guide, the FAQ and the fixed fee.
Uruguay tax for expats — country guide The full guide to uruguay tax for expats, with the fee fixed before any work starts.
Kuwait tax for expats — country guide Its own page: Kuwait tax for expats — mechanism, deadlines and published fees.
US–United Kingdom tax corridor Everything on US United Kingdom tax, at the same depth as this page.
Iceland tax for expats — country guide Iceland tax for expats — the guide, the FAQ and the fixed fee.
Canada–United States tax corridor The full guide to Canada United States tax, with the fee fixed before any work starts.

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

Cross-border situations we are engaged for

Case study 1

Gains on Indian Shares Held From Abroad

Holding period and instrument decide the character of the gain, and the deduction at source applies before any of that is considered. The return is where the position is corrected.

Read how this one runs
Case study 2

A Distribution From a Trust Set Up Abroad

A distribution can be capital in the trust's country and income here, and the reporting attaches to the beneficiary rather than the trustee. The work is characterising the payment before it is received where possible.

Read how this one runs
Case study 3

Indian Rent Collected While Resident Somewhere Else

Rent from Indian property is taxed in India and again where you live, with relief on one side only. The file gets the Indian deduction right first, then claims the credit on the home return against what was actually paid.

Read how this one runs
Case study 4

Tax Deducted When Buying From an NRI

Withholding on a sale by a non-resident is applied to the sale value rather than to the gain, so it routinely exceeds the tax due. A lower-deduction certificate obtained before completion avoids locking the difference up.

Read how this one runs
Case study 5

Unreported Foreign Income Disclosed Before the CRA Asked

A voluntary disclosure has to be genuinely voluntary — once a letter arrives, the route usually closes. The engagement establishes whether the programme is still available, prepares the years, and puts the relief request in with the filing rather than after it.

Read how this one runs
Case study 6

Moving Money Out of India and the Certificates It Needs

A remittance out of India needs its tax position certified before the bank will process it. The file establishes the character of the funds, produces the certification, and keeps the position consistent with the returns already filed.

Read how this one runs
Case study 7

A Retirement Plan That Grows Tax-Deferred in Only One Country

Cross-border retirement accounts are recognised by treaty, but the deferral usually has to be elected rather than assumed. The engagement checks whether the election was made, makes it where it was missed, and reports the account on whichever side requires it.

Read how this one runs
Case study 8

An Executor Administering Across Two Systems

An executor can be personally liable for what is assessed after a distribution, and the clearance that protects them is obtained rather than assumed. The engagement sequences the filings so the distribution is safe when it happens.

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

  • 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

Holding structures live or die on treaty access, beneficial ownership and substance — the MLI's principal-purpose test now sits over every arrangement.

A holding structure is only as good as its reporting. Foreign affiliates, accrued passive income and distributions each carry their own return, and the penalties on those attach to the form rather than to any tax being owed — so a structure that saves tax can still cost money if the information returns are late.

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

Schedule FSI — questions we are asked

Do I file Schedule FSI 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 with any foreign-source income during the year.

What happens if I have missed Schedule FSI 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 FSI the same as the other reports I already file?

No. The schedule reporting income from outside India and the tax paid on it, country by country. Satisfying a different obligation, even one covering the same accounts or entity, does nothing for this one.

How does a remittance actually work, and is it taxed?

A remittance is a transfer of money, not a category of income, and moving your own funds between your own accounts is not what creates tax. What can create tax is the income behind the money and the rules of the country it leaves. India, for instance, collects tax at source when a resident individual remits abroad under the Liberalised Remittance Scheme, and requires certification before certain payments leave. The transfer is the trigger for paperwork rather than for tax. See the LRS and tax collected at source.

How do I get a refund of TCS collected on a foreign remittance?

You claim it on your Indian return for that year. The collected amount is credited against your total tax, and if it exceeds the tax due the balance is refunded like any excess payment. Two practical conditions: the collector must have filed its statement so the credit appears in your annual tax statement, and your PAN must be correctly recorded on the remittance. A salaried remitter can also ask their employer to account for it against salary withholding. See LRS limits and TCS.

Do NRIs have to file an Indian tax return?

If you have Indian-source income above the filing threshold, or you want a refund of tax withheld at source, or you are claiming treaty relief — then yes. Interest, rent, capital gains on Indian shares or property, and TDS deducted at a rate higher than your real liability all commonly force or reward a return. Filing is also how a lower-rate treaty claim and a foreign tax credit get onto the record. See NRI tax return filing.

A named reviewer on every filing

A fixed fee for Schedule FSI

Send us the facts. You will get a scope and a fixed fee in writing, and nothing starts until you agree to both.

  • Your existing accountant keeps the domestic file
  • Offices in India, the USA, Canada and the UAE
  • 24-hour helpline, +1 (416) 619-0068

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