New Delhi, July 2 -- Global investing is the theme of the year, and the taxman wants a piece of the action. Every foreign asset, including stocks, exchange-traded funds (ETFs), brokerage and bank accounts, and property, must be reported in your income tax return (ITR) under Schedule FA (foreign assets). This disclosure is mandatory regardless of whether the asset was sold during the year or generated taxable income.

Every resident has to disclose foreign assets held at any point during the year in Schedule FA, so that the tax department has visibility into overseas wealth. All foreign assets declared in Schedule FA fall under the Black Money Act.

Assets needed to be reported include demat and brokerage accounts opened directly with fore...