Foreign assets acquired after 31 Dec 2021 are to be disclosed in the returns for FY2022-23
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Just computing your taxable income and income tax payable, and paying the correct amount of your income tax liability is not the end of your income tax obligations. You also need to ensure that your return of income is properly filled up and filed on time. One of the crucial aspects of the income tax return that you need to pay attention to is Schedule FA, the disclosures relating to foreign assets.
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