@abhi0123 , FBAR is generally reported by each individual directly online at Treasury ( FINCEN --- www.fincen.gov form 114). Whereas its filing date is generally in line with the federal return filing date, it is not connected to the ITS filing. You will have to go to FINCEN and file. Note that it is per taxpayer and ONLY asks for bank account related info. The threshold is US$ 10,000 at anytime in the year and per account over whoch the taxpayer has ownership and/or signature authority. Thus if you and/or your spouse have jointly owned bank accounts ( in non-US banks in foreign land--India? ) and met the threshold then you each must file recognizing this ownership. If you have ONLY signature authority over bank accounts ( as is sometimes the case for immigrants with families back home ) in local banks, you need to report these.
My general position is , even if you do not meet the threshold but is near enough , it is better to file -- it has no tax consequence and countries with money laundering agreements with the USA, will report all US person accounts anyways. But you do not have to.
Form 8938 deals only with "specified assets " not just bank accounts , the threshold is much higher, it is per return and goes to the IRS
Hope this clarifies your query
Namashkar
pk
