✅Checklist

Schedule FA – Foreign Crypto Checklist

How to classify and disclose crypto held on foreign exchanges in Schedule FA, plus the separate Schedule VDA taxation steps.

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2-page step-by-step guide with a fillable engagement-record table.

What's inside

Step 1 — confirm the trigger: ROR status, and offshore exchanges (Binance, Bybit, OKX, KuCoin) vs Indian ones (WazirX, CoinDCX, ZebPay)
Step 2 — classify your holding into the correct FA table: custodial account, self-custody wallet, or staking
Step 3 — the exact data points to gather: transaction export, entity legal name, peak/closing value, TTBR conversion
Step 4 — return mechanics: Schedule FA (disclosure) and Schedule VDA (flat 30% tax) are both required, and only apply in ITR-2/3
Step 5 — the risk: ₹10 lakh Black Money Act penalty per undisclosed asset

Who it's for

Anyone holding crypto or VDA on a foreign exchange — Binance, Bybit, OKX, KuCoin — a narrow but growing situation.

Why it matters

Zero trades during the year does not exempt you from disclosure if coins or balances were simply held — and offshore exchange activity often doesn't show up in your AIS at all, so the department finds out a different way.

Schedule FA – Foreign Crypto Checklist

What's inside

Who it's for

Why it matters

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