Fact-check notes
Last fact-checked: 2026-05-30
Tax caution: AY 2026-27 covers FY 2025-26 and continues under the Income-tax Act, 1961. New Act, new section and new form references should be verified against official utilities before filing.
Use this page as preparation guidance. A professional should verify the active law year, notification, portal utility and source records before filing or taking a tax position.
What this covers
Schedule AL and Schedule FA solve different disclosure problems: AL tracks Indian assets/liabilities for high-income taxpayers, while FA tracks foreign assets for residents.
- Schedule AL generally focuses on assets and liabilities for high-income taxpayers.
- Schedule FA focuses on foreign assets, accounts, income and signing authority.
- The same taxpayer may need both schedules.
- Incorrect disclosure can create scrutiny or penalty risk.
Who this is for
- HNI filing ITR-2.
- Resident with foreign bank or RSU account.
- Taxpayer above income disclosure threshold.
- CA reconciling asset schedule with AIS.
Documents and data to verify
- Property, vehicle, jewellery and financial asset details.
- Foreign account and securities statements.
- Loan and liability records.
- Prior-year schedule values for consistency.
Common mistakes to avoid
- Treating Schedule AL and FA as substitutes.
- Not disclosing inherited or jointly held assets correctly.
- Ignoring foreign signing authority.
- Using market value where cost/value field requires a different basis.
How to proceed
- Confirm the applicable financial year, assessment year, taxpayer type, state and portal status before acting.
- Reconcile portal data with books, AIS/Form 26AS, GST returns, contracts, invoices, bank statements and source documents.
- Prepare a written computation, checklist, filing note or response with assumptions clearly stated.
- Download acknowledgements, challans, workings and evidence after filing or submission.
FAQs
Can WorkIndex help with this?
Yes. Post the facts and documents; relevant experts can quote for filing, advisory, reconciliation, registration, appeal support or ongoing compliance.
Is this page final legal advice?
No. Use it to prepare. A professional should verify the active law year, notification, portal utility and records before filing or taking a tax position.
What should I mention while posting?
Mention the year, state, form, deadline, amount involved, documents available, portal status and whether you need filing, correction, advisory or representation.