Schdule B - FBAR
Hi I had opened an NRE a/c in India in 2008 on which I had earned interest Rs.4000/-, I was unaware of the new requirement & failed to report interest income. Do I have to amend the tax return for 2008? According to the new law, REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS form TD F 90-22.1 needs to be filed. In 2009, I had earned interest of Rs 3,500/- in June 09 & Rs 3,500 in Dec 09. Do I have to use the exchange rate as of 31st Dec 09 or the date on which I received the interest & should I report the interest on Schedule B?