Begin with residential status
The reporting and taxation analysis starts with residential status for the relevant year. It should be determined from the applicable statutory tests and the individual’s actual travel and factual circumstances.
Prepare an overseas-interest inventory
List foreign bank and custodial accounts, investments, immovable property, entities, trusts, signing authorities and other relevant interests. Record ownership dates, jurisdiction, identification details and values in the required currency.
Map every income stream
Separate salary, interest, dividends, rental income, capital transactions and other receipts. Retain statements showing gross income, deductions and foreign tax withheld or paid.
Review treaty and foreign-tax information
Where relief is being considered, preserve the residence, income and tax-payment evidence needed to evaluate the applicable domestic provisions and tax treaty. Relief should not be assumed merely because tax was deducted overseas.
Complete the review before filing
Foreign disclosures may require information that is not visible in an Indian tax statement. A final cross-check against overseas statements and the prior-year return helps identify missing or duplicated items.