Schedule FA · not the same as Schedule FSI
Schedule FA vs Schedule FSI — assets versus income
They sound like the same schedule and they are not. Schedule FA reports foreign assets you hold; Schedule FSI reports foreign income you earned. Different question, different reporting period, different purpose — and mixing them up is a common way a foreign-asset return goes wrong.
At a glance
The core difference
| Question | Schedule FAForeign Assets | Schedule FSIForeign Source Income |
|---|---|---|
| What it is | A disclosure obligation — you list the asset itself. | A taxation entry — you report the income and the tax on it. |
| Reporting period | Calendar year: 1 January to 31 December. | Financial year: 1 April to 31 March. |
| What it covers | Foreign equity, custodial accounts, bank accounts, and more. | Salary, dividends, interest, capital gains, rent from abroad. |
| When it applies | Required whether or not the asset produced any income. | Paired with Schedule TR (and Form 67) to claim foreign tax credit. |
The trap
The calendar-year vs financial-year mismatch
The single most consequential difference is the period. Schedule FA runs on the calendar year — everything held between 1 January and 31 December — while Schedule FSI, like the rest of your ITR, runs on the financial year, 1 April to 31 March. The same US dividend can therefore land in a different reporting window on each schedule. Filing Schedule FA on the April–March year is one of the most common Schedule FA errors, precisely because FSI trains you to think in financial years.
How they relate
DTAA relief and the foreign tax credit
If you paid tax abroad on foreign income — US withholding on an RSU dividend, say — you can generally claim relief for it in India under the relevant Double Taxation Avoidance Agreement. That claim runs through Schedule FSI together with Schedule TR, and is ordinarily supported by Form 67 filed before the return. Schedule FA plays no part in that credit: it is the asset register, not an income or tax computation. A holding can appear in Schedule FA every year while producing income that touches Schedule FSI only in the years it pays out.
What we cover
GetScheduleFA prepares Schedule FA
GetScheduleFA builds your Schedule FA from your Charles Schwab, Interactive Brokers, Morgan Stanley Shareworks, E*TRADE or Fidelity NetBenefits statements — the Table A2 custodial-account row and one Table A3 row per purchase lot, with the applicable dated State Bank of India TT-buying rate recorded for each figure. It does not prepare Schedule FSI, Schedule TR, Form 67 or the foreign tax credit — those are the income and DTAA-relief side of the return, which your chartered accountant handles. What we do give you feeds that work: the dividend working in the output records each foreign dividend and its US withholding with the date and statement line behind it, which is the same information an FSI/FTC claim starts from.
New to the asset side? Start with the full Schedule FA method.
Last reviewed 27 July 2026 by GetScheduleFA · current for AY 2026-27.
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