A foreign asset means a return, even when income is under the limit

The note's opening line is any resident in India in the tax year, even if income for that tax year is below the taxable limit, who has foreign income or a foreign asset.

The residence tests it prints are two. An individual who stayed 182 days or more in India in the tax year. Or an individual who stayed 365 days or more in the four preceding years, and 60 days or more in the tax year. A Hindu undivided family, a firm, or an association of persons is resident, except where the control and management of its affairs is situated wholly outside India. A company is resident if it is an Indian company, or if its effective place of management is in India.

Those are the note's tests. It does not print the ₹15 lakh visit rule, and it does not print "not ordinarily resident". Section 6 does. The returning-to-India page stays with section 6. This page does not copy those extra tests onto the note.

A foreign asset, on the note, is located outside India and is held in the taxpayer's name or as a beneficial owner. The lines it prints are a foreign depository account, a custodial account, a cash-value insurance contract or an annuity contract, an account in which the taxpayer has signing authority, a trust created outside India where the person is trustee, beneficiary, or settlor, a bank account, foreign equity and debt interest (the note includes ESOPs), a financial interest in any entity or business, immovable property, and any other capital asset.

Foreign income, on the same note, is income from a source located outside India. The kinds it prints are salary, house property, business or professional income, long-term capital gains, short-term capital gains, interest, dividend, royalty that is not part of business income, fees for technical services that are not part of business income, gross proceeds, redemption, and others.

Patreon, PayPal, Wise, Payoneer, YouTube, and AdSense are not on the note. A bank account outside India is on the list. A foreign depository account is on the list. Business or professional income from a source outside India is on the income list. The note does not say a balance that a platform still holds is either of those accounts. The YouTube and AdSense page already left the platform-cut question open, because the presumptive FAQ does not say whether gross receipts are before or after the platform keeps a share. This page does not answer it.

Section 263(1)(a)(ix) names a person who is a resident, other than not ordinarily resident, and who at any time during the tax year holds, as a beneficial owner or otherwise, any asset (including any financial interest in an entity) located outside India, or has signing authority in any account located outside India. It also names a beneficiary of such an asset. The beneficiary row stops where the income from that asset is included in the income of the person who holds it.

Subsection (1)(b) says the persons in (a)(ix), and also a company, a firm, a university, college or other institution referred to in section 45(3)(a), a business trust, and an investment fund referred to in section 224, furnish the return on or before the due date regardless of income or loss. The note's phrase is "below the taxable limit". The section's phrase is "regardless of income or loss", and it adds "other than not ordinarily resident". Both stay.

The due date in subsection (1)(c) is a date in the financial year that follows the tax year. The row for any other assessee is 31 July. Where the case is not the section 172 row, a company is 31 October, and so is a person other than a company whose accounts are required to be audited. The section 172 row is a report that section names, and that row is 30 November. It also covers the partners of the firm, and the spouse of such a partner where section 10 applies. Holding a foreign asset does not by itself choose the row.

The Schedule FA page says the schedule applies to ITR-2, ITR-3, ITR-5, ITR-6, and ITR-7. The declaration note says the correct form is one other than ITR-1 and ITR-4, and that those two forms do not have Schedule FA, Schedule FSI, or Schedule TR. Schedule FA is the assets and the income from them. Schedule FSI is income accrued or earned outside India, and the tax relief on it. Schedule TR is the summary of tax relief claimed for tax paid or withheld outside India.

If a treaty benefit applies, the note says file form 44 online, in addition to Schedule TR. The treaty page is section 159. This page does not repeat the certificate rules.

The note says the disclosure goes in the return before the due date under section 263(1), 263(4), and 263(5). Subsection (4) is a return that was not filed in time under subsection (1). It may be filed within nine months from the end of the tax year, or before the assessment is completed, whichever is earlier. For tax year 2026-27 the note prints a belated return until 31 December 2027. Nine months after 31 March 2027 is 31 December 2027. On the belated line, the note and the section use that day.

Subsection (5) is a revised return, after a return under subsection (1) or (4), where the person finds an omission or a wrong statement. The window is the same nine months from the end of the tax year, or before the assessment is completed, whichever is earlier. The note's revision line is different. It says revise before the due date for revising the return, that is before 31 March 2028, and if the original return was ITR-1 or ITR-4, choose the correct form and fill Schedule FA, Schedule FSI, and Schedule TR. Nine months after 31 March 2027 is 31 December 2027. The note prints 31 March 2028. This page does not treat those as one date.

Which of ITR-2 and ITR-3 fits the rest of the income is on the ITR filing guide. The calendar-year reporting period, and the disclosure window to 31 December 2026, stay on the Schedule FA page.

Section 42 of the Black Money Act, 2015 is a resident other than not ordinarily resident, required to furnish a return under section 139(1) of the Income-tax Act or the provisos to that sub-section, who during the previous year held a foreign asset as a beneficial owner or otherwise, or was a beneficiary of one, or had income from a source outside India, and fails to furnish that return before the end of the relevant assessment year. The Assessing Officer may direct a penalty of ten lakh rupees. The proviso says the section shall not apply to an asset or assets, other than immovable property, where the aggregate value does not exceed twenty lakh rupees. The Explanation uses the State Bank of India telegraphic-transfer buying rate for a balance kept in foreign currency. The section still cites section 139. It does not cite section 263.

The declaration note puts the ten lakh rupees on section 42 as well, and it says the penalty can be levied if the aggregate of assets other than immovable property exceeds twenty lakh rupees, where the person fails to furnish the return and disclose the asset. "Exceeds twenty lakh" on the note, and "does not exceed twenty lakh" as the proviso that switches the section off, are the same band written from opposite sides. The note adds "and disclose". The hosted section is the failure to furnish the return before the end of the assessment year. Those sentences stay separate.

The note also names section 43 where a return was already filed and the foreign asset was left out or stated wrongly. The rupee rule on that section, including the twenty-lakh proviso, is the Schedule FA penalty section. The note's last line on penalties says prosecution proceedings can be initiated under the Black Money Act for non-filing, or for not furnishing or furnishing inaccurate particulars of foreign assets and income. It does not name a section for that prosecution, and it does not print a rupee band on that sentence.