A category-by-category check of whether this individual/entity holds foreign assets or has foreign income requiring Schedule FA disclosure in the return, and whether the Black Money Act's own reporting obligations apply.
Name: ___ · PAN: ___ · As at / for the year: ___
Purpose: this checklist tests, category by category, whether a resident (ordinarily resident, for individuals) taxpayer holds any foreign asset or has any foreign income requiring disclosure in Schedule FA of the Income-tax Return, and separately whether the reporting and disclosure requirements under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 apply. Schedule FA disclosure is required of a resident and ordinarily resident taxpayer regardless of the value of the foreign asset — there is no minimum threshold for the disclosure obligation itself, only for certain computation and penalty provisions.
Where any category above is answered "Yes" but "Disclosed in Schedule FA?" is "No" or the return has already been filed without the disclosure, consider whether the taxpayer should file a revised return (if still within the permitted time) — the Black Money Act imposes its own, separate and severe consequences for non-disclosure, over and above ordinary income-tax provisions.
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