Namit, consider using the deduction path ( if you are itemizing -- usually works out if you home mortgage, property taxes etc. ).
FBAR reporting is mandatory for resident/citizen taxpayers ---- it used to be due by June of the following year but now is due at the same time as the tax return --April 15th. You can file the last three year and this year on line at <a rel="nofollow" target="_blank" href="
http://www.fincen.gov">www.fincen.gov</a> or go to US treasury and look for FinCen. They don't ask reason for delay but the law allows them to penalize ( heavily) non-reporters.
God Luck --pk
