Schedule FA field-by-field: what to enter for each column in ITR-2 (2026)

Schedule FA ("Details of Foreign Assets and Income from any source outside India") is a mandatory schedule in ITR-2 for Indian residents who held foreign assets at any point during the financial year. For US stock and RSU holders, this means disclosing your US brokerage account — even if you didn't sell anything.

Errors in Schedule FA trigger scrutiny under the Black Money Act, 2015. This guide covers every field for the most common scenario: Indian residents holding US stocks via LRS through platforms like Vested, INDmoney, Rovia, Fidelity NetBenefits, or E*Trade.

Who must file Schedule FA

Any Indian resident (not NRI) who:

• Held any foreign financial account (brokerage, bank) at any time during the financial year
• Received income from foreign sources (dividends, capital gains)
• Held beneficial interest in any foreign entity

The financial year for ITR-2 is April 1 to March 31. But Schedule FA asks for values as of December 31 — the calendar year end. This is intentional: Schedule FA follows FEMA/FATCA reporting conventions, not the Indian financial year.

If you held US stocks on December 31 of the calendar year that falls within the Indian FY you're filing for, you must file Schedule FA.

For AY 2026-27 (FY 2025-26 = April 1, 2025 to March 31, 2026): if you held US stocks on December 31, 2025, you must disclose in Schedule FA of your AY 2026-27 ITR-2.

The four Schedule FA tables

ITR-2's Schedule FA has four sub-tables:

Table	What it covers
A1	Foreign bank accounts
A2	Foreign custodial accounts (brokerage accounts holding securities)
A3	Equity and debt in foreign entities (direct investment; not for brokerage accounts)
A4	Other foreign assets not covered above

For US stocks via LRS through Vested/INDmoney/Rovia/Fidelity/E*Trade: use Table A2 (foreign custodial accounts).

For a US bank account (if you have one): use Table A1.

Table A2: Foreign Custodial Account — field by field

Field 1: Country Name and Code

Country Name: United States of America
Country Code: US

For UCITS ETFs held via Irish-domiciled funds but in a US brokerage account: the account is held in the US, so the country is US. The Ireland domicile of the underlying ETF does not change the country of the custodial account.

If you hold accounts in multiple countries (e.g., US brokerage + UK ISA), file a separate A2 row for each account in each country.

Field 2: Name of the Institution in which the account is held

This is the custodian or broker — the entity that holds your securities.

Your platform	Institution name to enter
Vested	DriveWealth LLC
INDmoney (LRS route)	DriveWealth LLC or Alpaca Securities LLC (check which one your account is under)
Rovia	Alpaca Securities LLC
Fidelity NetBenefits (RSU account)	National Financial Services LLC
E*Trade (Morgan Stanley at Work)	E*TRADE Securities LLC
Interactive Brokers	Interactive Brokers LLC

Note on Vested and INDmoney: These are Indian platforms that use US broker-dealers as their backend. Your securities are legally held by the US broker-dealer, not the Indian platform. Enter the US broker-dealer name in Schedule FA, not Vested or INDmoney.

Field 3: Address of the Institution

Institution	Address
DriveWealth LLC	30 Montgomery Street, Suite 1100, Jersey City, NJ 07302, USA
Alpaca Securities LLC	132 S. Rodeo Drive, Suite 100, Beverly Hills, CA 90212, USA
National Financial Services LLC	245 Summer Street, Boston, MA 02210, USA
E*TRADE Securities LLC	671 N. Glebe Road, Arlington, VA 22203, USA
Interactive Brokers LLC	One Pickwick Plaza, Greenwich, CT 06830, USA

Field 4: Zip/Postal Code

Enter the ZIP code from the address above. For DriveWealth (Jersey City): 07302.

Field 5: Account Number

Your brokerage account number at the US institution. For Fidelity NetBenefits: found under Account Settings. For Vested/INDmoney/Rovia: your account ID in the platform app (may be labeled "Account Number" or "Portfolio ID" — use the number that identifies your account at the underlying US broker).

If you don't have direct access to the underlying broker account number, use the account identifier the platform provides. The point is to uniquely identify the account.

Field 6: Status of account holder (at end of the financial year)

For Indian residents investing via LRS: Beneficial Owner.

You are the beneficial owner of the securities in your US brokerage account. You own them directly — not through a fund or trust structure.

Field 7: Account opened during the year (Yes/No)

Select Yes if you opened the account during this financial year. No if it existed in prior years.

Field 8: Account closed during the year (Yes/No)

Select Yes if you closed the account during this financial year (sold all holdings and closed the account). Most investors: No.

Field 9: Peak value of account during the year (in INR)

This is the most important and most frequently mis-stated field.

The peak value is the highest INR value your account reached at any point during the calendar year (January 1 to December 31 of the year in question).

How to calculate:

1. Identify the date during the calendar year when your portfolio had the highest USD value (typically when the market was at its highest point)
2. Find the SBI TTBR (TT buying rate) for USD on that date
3. Peak value = Highest USD portfolio value × SBI TTBR on that date

Practical approach:

• Download your brokerage account statement for the full calendar year
• Find the date with the highest portfolio value in USD
• Convert at SBI TTBR for that date (available on SBI's website or FBIL's fbil.org.in)

If you don't have daily values: Your platform's annual statement typically shows month-end or quarter-end values. Use the highest quarter-end value as a conservative approximation. If the market peaked mid-quarter, this will understate slightly — but regulators generally accept reasonable approximations made in good faith.

Unit of currency: INR. Enter the INR amount rounded to the nearest rupee.

Field 10: Closing value of account at end of the year (in INR)

The value of your account on December 31 of the calendar year.

How to calculate:

1. Your portfolio value in USD on December 31
2. SBI TTBR for USD on December 31
3. Closing value = USD portfolio value × Dec 31 TTBR

December 31 TTBR: Published by SBI and FBIL. For AY 2026-27, you need the December 31, 2025 TTBR.

Rovia's Schedule FA generator automatically computes this using your Rovia account data and official TTBR rates — available at rovia.one/schedule-fa-generator.

Field 11: Nature of asset (brief description)

Enter a brief description of what the account holds. Examples:

• "US listed equity ETFs — VOO, CSPX"
• "Common stock and RSUs — NVIDIA Corporation (NVDA)"
• "US equity securities (S&P 500 ETF)"

No strict format required — enough to identify the general nature.

Field 12: Whether any income was derived from the asset during the year

Select Yes if you received dividends or sold securities during the financial year. No if you held without any income event (e.g., held accumulating ETFs like CSPX and didn't sell).

Field 13: If income was derived — income amount and nature

If you answered Yes in Field 12:

• Nature of income: Dividend income / Capital gains
• Amount: The INR amount received (gross dividend or capital gain, converted at SBI TTBR)

This figure should reconcile with what you report in Schedule OS (dividend income) and Schedule CG (capital gains) of the main ITR-2.

Multiple accounts: one row per account

If you have:

• A Vested account (DriveWealth) + a Fidelity NetBenefits RSU account: two separate A2 rows
• Rovia + old Vested account from a previous employer's platform: two rows
• One account that was transferred mid-year: generally one row (the account number may change; use the current account number and note the transfer in the description)

What if the account had zero value on December 31?

If you sold all your US stocks and transferred the cash out before December 31, the closing value is zero. But if you held the account at any point during the year and had a non-zero peak value, you still file Schedule FA with:

• Peak value: highest value during the year (in INR)
• Closing value: ₹0

Reconciliation with other schedules

Schedule FA values don't appear in your income computation — they are a disclosure schedule, not a tax computation. However, the income flows from Schedule FA assets must appear elsewhere:

Income type	Where in ITR-2
Dividend from US stocks	Schedule OS → Foreign dividend income
Capital gains from selling US stocks	Schedule CG → Schedule CGA (for foreign assets)
Foreign tax credit (WHT)	Schedule TR (Tax Relief) via Form 67

Ensure these amounts are consistent. A Schedule FA disclosure with no corresponding Schedule OS income when you clearly received dividends is a red flag.

Common errors

Error	Consequence
Entering the Indian platform name (Vested, INDmoney) instead of the US custodian	Factually incorrect; may trigger clarification notice
Using year-end exchange rate for peak value (should use rate on the peak date)	Understates peak value if INR depreciated
Not filing Schedule FA because "I only have $5,000"	No minimum — any foreign account must be disclosed
Entering closing value in USD instead of INR	Non-compliant; all Schedule FA values must be in INR
Not filing for a year the account had zero activity	If you held the account on Dec 31, file it
Using wrong calendar year	Schedule FA covers Jan 1–Dec 31 of the calendar year ending within the FY; don't use Indian FY dates

The Black Money Act consequence

Failure to disclose foreign assets in Schedule FA can be treated as a violation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Penalties under this Act are severe:

• Tax of 30% on undisclosed foreign income/assets
• Penalty of 90% on the same (effectively 120% total)
• Prosecution provisions

Unlike routine income tax penalties, the Black Money Act applies even if the asset generated no income. The disclosure obligation exists independently of whether income was earned.

File Schedule FA every year you hold foreign assets. It is not optional.

Using Rovia's Schedule FA generator

For multi-lot Rovia accounts with many quarterly RSU vest events, Rovia's Schedule FA generator outputs ITR-2-ready Schedule FA data including peak value, closing value, and INR conversions at the correct TTBR rates. Available at rovia.one/schedule-fa-generator.

Related reading

• How US stocks are taxed in India — full tax framework
• ITR-2 walkthrough for RSU holders — complete filing guide
• Form 67 step-by-step — foreign tax credit for dividends
• LRS, TCS, and Schedule FA trifecta — the three compliance obligations together