Blogs of Category Income Tax

The Income-tax Act, 1961 mandates residents to declare foreign assets and income through specific schedules in the Income Tax Return (ITR):

• Schedule FA (Foreign Assets): For reporting foreign-held assets.
• Schedule FSI (Foreign Source Income): For detailing foreign-sourced income.
• Schedule TR (Tax Relief): For claiming tax relief under applicable DTAAs.

A step to step guide on schedule FSI, TR & FA

"Is income tax audit mandatory if turnover is above ₹1 Crore?"

The answer depends on mode of receipts & payments (Cash vs Banking).

Income Tax Audit is governed by Section 44AB of the Income Tax Act.