Beyond the income figures, an income-tax return can ask you to fill specific schedules that many taxpayers find confusing. Schedule AL asks about your assets and liabilities, Schedule 112A asks for share-by-share details of certain listed-security gains, and Schedules FSI and TR deal with foreign income and the tax paid on it abroad. Here's what each schedule is for and when you need to complete it.
Reviewed by CA Harika Chebolu, FCA · Last updated 2026-06-15
Quick answer
Some ITR forms ask for more than your income — schedules AL, 112A and FSI/TR capture your assets, your listed-share gains and your foreign income. Here's what each one wants and when it applies.
Schedule AL asks you to disclose your assets and the liabilities against them at the end of the year. It is not a tax computation — it is a disclosure. It generally applies only to individuals and HUFs whose total income crosses a high threshold, so most taxpayers never see it. When it does apply, you report the cost of items such as land and buildings, financial assets, jewellery, vehicles and similar holdings, together with the loans you owe. Report at cost, be consistent year on year, and keep the supporting records, because this schedule is one of the ways the department cross-checks lifestyle against declared income.
If you are a resident with income arising outside India, Schedule FSI (Foreign Source Income) is where you report that income country by country, along with the tax paid on it abroad. Schedule TR (Tax Relief) then summarises the relief you are claiming for that foreign tax — whether under a tax treaty or under the unilateral relief provisions. The two work together: FSI lists the income and foreign tax in detail, and TR aggregates the relief. Claiming this relief usually depends on filing the prescribed foreign-tax-credit form within the deadline, so the schedules are only part of the process.
People often confuse the foreign-income schedules with Schedule FA, the Foreign Assets schedule. FSI and TR are about foreign income earned and the tax paid on it; Schedule FA is about foreign assets held — bank accounts, shares, property and other interests outside India. A resident can have to fill one without the other. Because the disclosure rules around foreign assets are strict and the consequences of omission are serious, treat Schedule FA as a separate exercise and do not assume that reporting your foreign income also covers your foreign holdings.
The common thread across these schedules is detail and consistency. Schedule AL must reconcile with what you have disclosed before; Schedule 112A must tie back to your broker and registrar statements; FSI and TR must match the foreign-tax documents you rely on for relief. Errors here are a frequent trigger for queries, because the department can match much of this against information it already holds. Reconcile each schedule against its source documents before you file, and keep those documents safely in case you are asked to substantiate what you reported.
Only if your total income crosses the high threshold at which the schedule becomes applicable to individuals and HUFs. Most taxpayers are below it and never need to fill it. When it does apply, you disclose your assets at cost along with the related liabilities.
Because long-term gains on listed shares and equity funds are reported scrip by scrip, not as a single total. You give the cost, the sale value and, where relevant, the grandfathered fair market value for each holding, so pulling clean data from your broker statements first saves a lot of time.
Schedule FSI reports foreign income and the tax paid on it abroad, while Schedule FA reports foreign assets you hold. They are separate disclosures — you can be required to fill one without the other, so do not assume reporting foreign income also covers your foreign holdings.
Unsure which ITR schedules apply to you or how to fill them? Write to the firm with your income and holdings and we'll prepare your return correctly.