General information only. Not investment, tax or legal advice. Naming a fund category is not a recommendation to buy, hold or sell anything. Prem Tax and Accounting Corp is a CPA firm, not a law firm. Rules differ by country and change often: confirm with the official source or a qualified adviser before you act. Read the full notice. Book a 10-minute call.

Mutual Funds in India

A year-end checklist for families with Indian funds

Nine steps in date order, from November 2026 to the spring filing season, to get the records for your Indian funds ready for the adviser who files in each country.

Prepared by Prem Tax and Accounting Corp. Last checked against official sources on November 5, 2026.

Starting in November leaves time to gather records before the filing season. Our Frost-to-Filing Folio Walk takes you month by month into April 2027. It fits the 2026 tax year in the USA and Canada, the UK year 2026-27 and India's FY 2026-27 (the year to March 2027). We prepare the U.S. return, and we coordinate with the adviser who files in India, Canada or Europe. See the reporting table and our Indian CPA page.

The short version

Collect three numbers for each holding: the highest value in the year, the December 31 value and the cost.
Convert with each country's own rate, and keep the source of every rate.
Check the key dates before each step.

Slide show: The walk in three slides

November and December
List every account and folio, then collect statements by calendar year.
January
Turn rupee values into dollars or Canadian dollars with each country's own rate.
February to April
Hand the numbers to the adviser who files, ahead of April 15 and April 30.

Our checklist

The Frost-to-Filing Folio Walk:

November: List every folio, demat account and NRE, NRO or FCNR(B) account, plus any power of attorney that lets someone redeem. That power can count as signature authority for the FBAR. Note any fund house that stops new purchases and SIPs from U.S. or Canadian residents.
November: UK residents check each scheme's exact class against HMRC's list. The November 2, 2026 edition lists just 10 Indian schemes, from 6 fund houses, and only for named classes.
December: Download calendar-year statements from the statements guide. We found no statement built for foreign tax, so keep a lot sheet of each purchase, SIP instalment and payout.
December 31: Record each holding's rupee value, its highest value in the year and, for Canada, the highest total cost of foreign property reached in the year. December 31 is also the last day for a belated Indian return for FY 2025-26.
January: Convert with Treasury's rate for December 31, 2026 for the FBAR and Form 8938, once posted (it releases rates quarterly), and Bank of Canada rates for Canada. See exchange-rate effects.
January 31: UK residents' 2025-26 online return and payment are due.
February and March: Check what the Indian Budget changed. India's year ends March 31, 2027; the last advance tax instalment is due March 15 if the tax left after TDS is Rs 10,000 or more. The USD 1 million NRO limit restarts April 1.
April 15 and 30: On April 15 the U.S. side falls due: the return with Forms 8621 and 8938, and the FBAR, which extends automatically to October 15. Canada's T1 and T1135 follow on April 30. A U.S. taxpayer living and working abroad can wait until June 15 by attaching a statement, but interest runs.
After filing: Keep FBAR records 5 years. A missing Form 8621 can keep the tax year open until 3 years after the form is filed. If you moved to Canada, keep the value on your arrival day.

Common questions

Does this checklist replace my adviser?

No. It readies your records for whoever files in each country. We prepare U.S. returns; your Indian CA, Canadian CPA or local adviser files theirs.

What if I have already missed a date?

Talk to a qualified adviser before choosing a route. For a late FBAR the IRS asks you to file as soon as possible and explain why.

Do small holdings need all of this?

Each form has its own line: for example, the FBAR applies above USD 10,000 combined, and Form 8621 can be skipped when all PFIC units total USD 25,000 or less with no sale gain or excess payout. See the [common mistakes](/indian-mutual-funds/tools/common-mistakes/).

Official sources

Keep reading

Please read: general information only

This page gives general information and education about Indian mutual funds and about the tax and reporting rules that may apply to people who hold them. It is not investment, legal, tax, accounting or other professional advice, and it is not a substitute for advice from a qualified adviser, attorney or CPA who knows your facts. Reading it does not create a CPA-client or any other professional relationship with Prem Tax and Accounting Corp. Prem Tax and Accounting Corp is a CPA firm, not a law firm. It does not recommend, rate, sell or manage any mutual fund or other investment, and naming a fund category or product here is not a recommendation to buy, hold or sell it.

Tax and reporting rules differ by country and by person, and they change often: thresholds, rates, forms and deadlines are revised, and agencies, courts and fund companies change how they apply them. We checked the figures against the official sources named on the page on the date shown (last reviewed November 5, 2026), but we do not promise that this page is complete, current or free of errors, and we do not update it the moment a rule changes. Where the rules are unsettled we say so. Fund companies set their own policies on who may invest, and those can change without notice. Past performance does not predict future results, and investments can lose value. Examples are invented and for illustration only.

To the fullest extent the law allows, Prem Tax and Accounting Corp and its owners and staff are not responsible for any loss or decision that results from using this page. Links to government and other websites are for convenience and we do not control them.

This content is copyrighted by Prem Tax and Accounting Corp. Copying it in bulk, scraping it, or using it to train artificial intelligence systems requires our written permission.

Questions about how your Indian funds are reported on a U.S. return? Keshav Agrawal is a U.S. CPA and a Chartered Accountant (CA) from India. We prepare the U.S. side (for example Form 8621, FBAR and Form 8938) and can work alongside your adviser in India, Canada or Europe. We do not sell, rate or recommend any investment. Book a 10-minute call or send us a message.

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A year-end checklist for families with Indian funds

November and December

January

February to April

Our checklist

Common questions

Official sources

Keep reading

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