How to add Foreign Assets and Relief details in myITreturn? – myITreturn Help Center

Unable to complete your ITR filing?

Connect with our team on WhatsApp for tax expert assistance

If you are required to report foreign assets, foreign income, foreign bank accounts or claim foreign tax relief, you must enter the details correctly while preparing your Income-tax Return.

Foreign reporting is important because foreign assets and foreign-source income may require separate disclosure in the ITR. Where foreign tax has been paid outside India and credit is claimed in India, details may also be required in Schedule FSI, Schedule TR and Form 67.

Simple meaning: Foreign assets are reported under foreign asset schedules, foreign income is reported under the relevant income head and Schedule FSI, and foreign tax relief is claimed through Schedule TR and Form 67, wherever applicable.

Who should use this guide?

This guide is useful if you have any of the following:

Foreign bank account
Foreign shares, ESOPs, RSUs or securities
Foreign immovable property
Foreign trust interest or trustee relationship
Foreign signing authority account
Foreign custodial account
Foreign insurance policy with cash value
Foreign-source salary, interest, dividend, capital gains or other income
Foreign tax paid or deducted outside India for which credit is to be claimed in India

Important: If you have foreign assets or foreign income requiring foreign schedules, ITR-1 and ITR-4 are generally not suitable because they do not contain the required foreign disclosure schedules.

Key schedules used for foreign reporting

Schedule / Form	Purpose
Schedule FA	Used to disclose foreign assets and income from any source outside India. It is generally applicable to resident and ordinarily resident taxpayers. It need not be filled by Non-Residents or Residents but Not Ordinarily Residents.
Schedule FSI	Used to report income accruing or arising from sources outside India. The income should also be reported under the correct income head.
Schedule TR	Used to provide a country-wise summary of tax relief claimed in India for taxes paid outside India.
Form 67	Used by a resident taxpayer to claim Foreign Tax Credit under Rule 128 for tax paid outside India.

Do not miss Form 67: If you are claiming foreign tax credit, Form 67 should be filed online within the prescribed timeline. Keep proof of foreign tax payment or deduction ready before claiming relief.

Steps to add foreign details in myITreturn

Step 1: Log in to myITreturn

Step 2: Select your member profile

After logging in, select the member profile for whom you want to enter foreign assets, foreign income or foreign tax relief details.

Step 3: Open the Foreign section under Other Details

Go to the Other Details option in the top menu bar and click on Foreign. A list of foreign reporting options will open.

Depending on your case, you may need to enter details under one or more of the following options:

Foreign Bank Account
Foreign Interest in any Entity
Foreign Immovable Property
Foreign Assets Details
Foreign Signing Authority Account
Foreign Trusts as a Trustee
Foreign Other Income
Foreign Custodial Account
Foreign Equity and Debt Interest
Foreign Cash Value Insurance

Tip: Enter every applicable foreign asset separately. Do not combine bank accounts, shares, property or insurance details in one entry unless the system specifically allows it.

Step 4: Go to Deductions to add foreign income and tax relief

To add foreign income and foreign tax relief details, click on the Deductions option in the top menu bar and select the relevant foreign relief option.

Deductions section for foreign tax relief in myITreturn

Step 5: Click on Add Relief Foreign

Click on the Add Relief Foreign button to start entering the details required for claiming foreign tax relief.

Step 6: Fill in the foreign income and tax relief details

Enter the required details carefully. These may include country details, income details, foreign tax paid, applicable relief section and other information required for reporting foreign-source income and claiming tax relief.

Where foreign tax credit is being claimed, ensure that the same details are consistent with Form 67 and the documents supporting foreign tax paid or deducted.

Enter foreign tax relief details in myITreturn

Check consistency: The foreign income reported in Schedule FSI should also be reflected under the correct income head, such as Salary, House Property, Capital Gains, Business/Profession or Other Sources, as applicable.

Step 7: Save the details and review the summary

After entering the details, click on Save. Then go to the Summary page and review the return computation and foreign reporting details.

Make sure that:

Foreign asset details are correctly entered.
Foreign income is reported under the correct income head.
Foreign tax relief is correctly reflected.
Country code, taxpayer identification number and tax paid details are accurate.
Form 67 details match the foreign tax credit claimed, wherever applicable.

After saving: Review the final summary before filing. Foreign reporting errors may lead to mismatch, defective return issues or compliance notices.

Documents to keep ready

Before entering foreign details, keep the following documents ready:

Foreign bank account statement
Foreign brokerage statement
Foreign salary statement or employer certificate
Dividend or interest statement
Foreign tax deduction or payment proof
Form 67 working details
Tax Residency Certificate, where applicable
Details of DTAA article, if foreign tax relief is claimed under a treaty
Passport number, if foreign TIN is not available

Common mistakes to avoid

Using ITR-1 or ITR-4 despite having reportable foreign assets or foreign income.
Reporting foreign income only in Schedule FSI and not under the relevant income head.
Claiming foreign tax credit without filing Form 67.
Entering wrong country code or foreign TIN.
Not reporting foreign bank accounts with nil or low balance.
Not reporting foreign assets held as beneficial owner or beneficiary.
Mismatch between foreign tax paid in Form 67, Schedule FSI and Schedule TR.
Leaving foreign asset details incomplete.

Important caution: Foreign asset and foreign income reporting should be checked carefully before filing. If you are unsure about residential status, DTAA relief or Form 67, take expert assistance before submitting the return.

Conclusion

Foreign assets, foreign income and foreign tax relief must be reported carefully while filing the Income-tax Return. In myITreturn, you can enter foreign asset details through the Other Details > Foreign section and add foreign tax relief through the Deductions section.

Before filing, review the summary page and make sure the foreign income, foreign tax paid, Form 67 details and foreign asset disclosures are consistent.

FAQs

1. Where do I add foreign asset details in myITreturn?

Go to Other Details in the top menu bar and select Foreign. Then choose the applicable foreign asset category.

2. Where do I add foreign tax relief details?

Go to the Deductions section and select the option for foreign relief. Then click on Add Relief Foreign.

3. Is Form 67 required for foreign tax credit?

Yes. Form 67 is required where a resident taxpayer claims foreign tax credit for tax paid or deducted outside India, subject to Rule 128.

4. Can I file ITR-1 if I have foreign assets?

No. ITR-1 does not contain the required foreign asset schedules. You should use the correct ITR form that supports foreign reporting.

5. Do Non-Residents need to fill Schedule FA?

Schedule FA need not be filled by Non-Residents or Residents but Not Ordinarily Residents. Applicability depends on residential status and the ITR instructions.

6. Should foreign income be reported only in Schedule FSI?

No. Foreign income should also be reported under the relevant income head, such as Salary, Capital Gains or Other Sources, as applicable.

For Assisted Service, please WhatsApp us on +91-9320546101 or raise a support ticket here