Schedule al & sft-005

Schedule al & sft-005

ITR requires declaration of movable/immovable assets in case of total income being more than 50 lakhs. For NRI (tax resident outside India), I understand that total income for this purpose does not include income earned abroad and interest on NRE FD. Is my understanding correct?

In SFT-005 reporting of time deposits for a FY (say 2022-23), are FDs opened in that FY (2022-23) only reported or even the FDs opened in prior FYs (maturing in future) also have to be reported?

Asked 11 months ago in Income Tax

FDs opened up are to be reported in SFT

Prerna Peshori

CA, Pune

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Yes your understanding is correct

Assets which are held as on 31.03.2023 is required to be reported in ITR of AY 2023-24

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Vivek Kumar Arora

CA, Delhi

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NRIs and ITR Asset Declaration: Your understanding is correct. As an NRI, for ITR purposes, your total income does not include income earned abroad and interest on NRE FDs. Only income earned in India is considered when declaring assets over ₹50 lakhs.

SFT-005 Reporting for FDs: For reporting under SFT-005, you need to report all FDs held as of March 31 of the financial year, regardless of when they were opened. This includes FDs opened both in the current and previous financial years, as long as they are active on March 31 of the reporting year.

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