New Delhi, Sept. 2 -- Every year, May brings the familiar rush of filing tax returns. For many salaried and investing Indians, filing income tax returns is a ritual, yet there's one part of the return that even diligent taxpayers stumble over-Schedule FA, the disclosure of foreign assets.

This schedule is often ignored, misunderstood or filled perfunctorily.

"It doesn't affect my taxable income," the logic goes, "so why bother?"

That's a risky assumption.

Schedule FA is not about how much tax you pay. It's about disclosing your offshore financial footprint. And the government takes that disclosure very seriously.

Why FA matters more than you think

If you're resident and ordinarily resident, the rule is simple: disclose both foreign ...