ITR2 Filing with Foreign Assets & Capital Gain | How to fill Schedule FA -Foreign Assets declaration

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Күн бұрын

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For Tax filing services, please reach out to "agrawalnamrtaandassociates@gmail.com"
This video explains why we need to declare foreign assets in ITR and the penalties for nondisclosure of foreign assets. This is a step-by-step guide to File ITR2 form with Schedule FA and Capital gain for FY 2023-24/AY 2024-55.
In Schedule FA (Schedule Foreign Assets), one need to fill all details in INR. This video will provide a complete guide on what data will be required to fill schedule FA and how to convert foreign currency into INR with practical examples.
Related Video Link: How to file form 67 to claim foreign tax credit:
• Form67 I Why and How t...
Link of Telegraphic Transfer Buying (TT Buying) rate for the conversion of foreign currency to INR: forexrateindia.com/sbi-bank-f...
Error in Video: There is one small mistake under schedule SI: In last column of row 38, please fill the minimum of both countries tax amount for devidend income. As per our example we need to write INR 1215.
Black Money - Undisclosed income act:
incometaxindia.gov.in/pages/a...
incometaxindia.gov.in/Documen...
Timeline:
0:00 Why we need to declare foreign Assets
1:13 Who need to file ITR2?
1:31 Document Require to file ITR2
2:22 ITR2 Filing
3:18 Schedule Selection
5:51 Schedule General Information
6:23 Schedule Salary
8:03 Schedule CG and 112A
12:54 Schedule Income and OS
16:32 Schedule 80D
17:05 Schedule VI-A
18:12 Schedule FSI
19:26 Schedule FA
23:37 TAX

Пікірлер: 170

@Nama_CA 2 ай бұрын

For Tax filing services, please reach out to us at agrawalnamrtaandassociates@gmail.com Related Video Link: How to file form 67 to claim foreign tax credit: kzfaq.info/get/bejne/pMpno9KZuN3TdGw.html ESPP Explained | How to declare ESPP in Schedule FA | Capital Gain Tax on ESPP in India kzfaq.info/get/bejne/n5tih5RpqrKRqqM.html Restricted Stock Units (RSUs) Explained | Taxation rules in India I Declare RSUs in Schedule FA | Capital Gain on RSUs kzfaq.info/get/bejne/nJaVZ5CbkrqReoE.html Error in Video: There is one small mistake under schedule SI: In the last column of row 38, please fill lower of both countries tax amount for dividend income. As per our example, we need to write INR 1215. Link of Telegraphic Transfer Buying (TT Buying) rate for the conversion of foreign currency to INR: forexrateindia.com/sbi-bank-forex-rates-30-12-2022/

@kaustav4 8 күн бұрын

Life saving video mam, great video, was searching this info from several days, atlast got it, many many thanks 👍

@Nama_CA 8 күн бұрын

Glad it helped

@NeelakanthPatil 11 ай бұрын

One of the very informative video i found on KZfaq for filling FA schedule in ITR.

@Nama_CA 11 ай бұрын

Thank you for your feedback, it means a lot for me.

@elumalai3742 10 күн бұрын

Super 👍 thank you your information

@Nama_CA 8 күн бұрын

Thank you too

@nanasahebpatil1158 11 ай бұрын

Thanks for this video. This is one of the most complete and very well explained on ITR-2 AY 23-24.

@Algo_Guru 11 ай бұрын

Heartfelt gratitude to you ma'am. Was able to fill just by following ur video. Thanks a lot.

@pritamkad2477 11 ай бұрын

Thanks, Nama Ma'am for the detailed video ITR2 filing with Form67_Schedule FA..it was quite helpful

@RandomGuyGoa 8 ай бұрын

Thanks a lot... I was searching for this for soo long

@HappyBoyRam 11 ай бұрын

This is very helpful!. Thank you.

@Manojpandey1993 10 ай бұрын

This is a very informative vedio. Thanks a lot and kindly keep up this kind of good work!

@gaurisethi5808 11 ай бұрын

Very informative & helpful esp for working ppl having salary+espp

@pravalsinghal8566 11 ай бұрын

Ma'am thanks for such detailed explaination. This is very helpful.

@agarwaldilip8792 11 ай бұрын

Informative and interesting 👍🏼

@priya75837 11 ай бұрын

Excellent explanation.

@omkarsakre5497 11 ай бұрын

Thank you so much ma'am. Was very helpful.

@d10Mess 11 ай бұрын

Thank you ma'am. Video is very helpful.

@ashishkumardas2973 10 ай бұрын

Very informative

@anwarmi2000 11 ай бұрын

Thank you. Very useful

@brijkishorkumar7696 11 ай бұрын

Thanks a lot. Its very informative video

@RakeshKumar-pl8gz 11 ай бұрын

thanks you very much madam with your videos able to do my ITR2 filling with foreign assets.

@Nama_CA 11 ай бұрын

Glad to hear that

@ansavkoor Ай бұрын

Thanks so much for sharing this information, very helpful to so many of us,

@Nama_CA Ай бұрын

Glad to hear this, thank you

@PhysicssimplifiedbySunilBalani 14 күн бұрын

Very Informative ...perhaps the only vedio that talks about nitty gritty of how to really fill FA schedule .People in general talk about theorytical aspect that people already know . Keep up the good work .

@Nama_CA 14 күн бұрын

Glad it was helpful!

@EuphoniousWords 11 күн бұрын

Ma'am I have one doubt in A3 we fill shares vested or shares held as the company by default on day of vesting sells some shares to cover for taxes . With my limited understanding Filled what is held actually as fa basically is a disclosure norm . Another problem that many people are facing is validation error saying dividend income cannot be greater than filled in BS statement . For a person using 44ADA what relations business has with dividend.

@Nama_CA 10 күн бұрын

@@EuphoniousWords whatever you hold is your asset.

@RSingh- 11 ай бұрын

Useful information ! Thanks !

@Nama_CA 11 ай бұрын

You're welcome

@nikita7725 11 ай бұрын

Mast

@ak..8188 10 ай бұрын

Please upload more videos of services like society tds patent company incorporation

@shelendrasharma9680 11 ай бұрын

Thanks a lot for making this video. much needed. I have a doubt, I have a company RSU account. do I have to show the dividend received for RSUs? and I have one more doubt, I purchased some US stocks on 30-dec-2022 but the allotment date is 04th jan 2023, should I show this in Schedule FA?

@CheeseStory 11 ай бұрын

Hello @Nama_CA in my form 12 BA , i see value of 0 against stock option and also the whole perquisite is 0 , however I have received RSU as per my salary breakdown. So do i need to show in others in salary breakdown or it needs to be added as perquisites. ?

@zakimustafa5329 11 ай бұрын

In the forex rate link, for any particular date, there are two tables for exchange rates. Which one is to be used for converting dollar income to INR? Please explain. Thanks.

@SATRUGHNA1958 11 ай бұрын

Precise and Excellent presentation.The topic would have got completely covered , if had you taken examples of ESPP & RSUs on purchase, vesting and sale of part qty of each category.. Keep doing good job.. Thank you ..Best wishes..

@Nama_CA 11 ай бұрын

Thank you for the feedback. Will surely work on this and provide video on how to declare ESPP and RSUs in Schedule FA.

@SuneelKumar-kf1wg 11 ай бұрын

Very informative & helpful for salaried and having investments in Stock market...Kudos Mam...U have saved hundreds of people.... Btw which tool is used to mask the sensitive information mam? please advise....

@madhusudanmore4920 4 күн бұрын

IN FA schedule the Dividend was reinvested in share, so can total gross amount paid/cred with respect to the holding during peroid as zero

@Nama_CA 3 күн бұрын

total gross amount paid/cred with respect to the holding during period is the dividend value you received on those shares.

@jyotindermehta2870 11 ай бұрын

Very informative. How would the NSO/ Phantom stocks be treated ? Where would they reported in FA and FI schedule and how ? If you can share your contact it would be great

@ashishbansal7467 11 ай бұрын

Super

@gauravgupta8166 11 ай бұрын

Thanks a lot @Nama_CA for sharing this great video. Very well explained. I have few queries: 1. Do we need to declare custodial / brokerage account e.g. Vested, IND money (table A2 in drop down) in Schedule FA (in addition to equity details in Table A3) considering US has custodian model as against depository model of India ? 2. I have some interest income in Vested finance account (this is from the INR to USD that I transferred to buy US shares). Is this also a part of "Gross Income" that I see in 1042-S form OR does it only show Dividend income ? 3, If I wish to show both Interest income (point 2 above) & Dividend income in Schedule FSI, Do I just need to show Sum of both amounts ? & what should be the relevant DTAA article in this case as this is 10 & 11 for these two things and we can't add separate details for dividend & interest in Schedule FSI

@shreeexplore 11 ай бұрын

Thanks mam , in part b TTI what I choose yes or no if my rsu vested after Dec and received dividend income after Dec 22 and vested share shown as perquisites in my salary. Please reply. If I go with yes then disclaimer is there where fsa have to update

@zakimustafa5329 11 ай бұрын

Thanks for sharing such valuable information. I received dividends in 2022 as well as in January 2023. Should I add January 2023 dividend to the total dividend income in this year ITR? As US calendar year is from Jan to Dec, 2022. Please help.

@naveen1151 11 ай бұрын

do we have to file the F module in schedule capital income if we have losses.

@aditya-vt7po 11 ай бұрын

Do we need to fill shares in unlisted shares if shares are on foreign stock exchange

@pallavichaudhari6164 11 ай бұрын

@Nama_CA- Thanks for making an effort to build such content for viewer, valuable information and very good content in this video, was searching for such detailed video. Quick question regarding ESOP/RSU, listed on US stock exchange, holding few RSU stock from FY20-21, but these foreign assets are not disclosed in last year ITR2 FA schedule, in impression to disclosed only after sell. Till now not sold any vested stock, should I disclosed all vested stock till now ( from last two years) in this financial year (FY22-23) of ITR submission ?

@Nama_CA 11 ай бұрын

Revise return is allowed till 6 months from the end of assessment year i.e. 31st Dec. So you should declare all assets this year.

@manishsingh-vj8ls 11 ай бұрын

How to carry forward short term loss on foreign RSU's to next year. Which option to choose in "Schedule Capital Gains". Can it be adjusted against capital gain in Indian equities in the current year?

@martindaimari448 10 ай бұрын

Very informative. Thank you. One humble request. Many employees in India get RSUs from companies such as Paypal, Amazon as part of their compensation package. Would be great if you could create a video that shows how to file ITR2 in such cases. You can mention both scenarios in which an employee holds the stocks or sells the stocks.

@Nama_CA 5 ай бұрын

Thank you. Will surely work on your sugession this.

@azarudintabres 4 ай бұрын

Are you helping in filing ITR? If so, how to contact you.

@Nama_CA 4 ай бұрын

@@azarudintabres hi you can mail me on agrawalnamrtaandassociates@gmail.com

@jay_techie 11 ай бұрын

Nice Video. I was looking for Schedule FA & your video helped me alot. I've a question: the same methodology works for both RSU & ESPP? Could you please clarify. Thanks in advance

@Nama_CA 11 ай бұрын

Thank you Jay. Yes the same method works for RSU and ESPP. Share with your friend and family.

@jay_techie 11 ай бұрын

@@Nama_CA thank you. Sure 🙂

@user-gw8gj6it2p 11 ай бұрын

Do I need to fill Schedule FSI and TR in ITR-2 if I am a resident Indian who received foreign salary in India from a remote job in the U.S.A. but no tax was deducted in foreign and is also NOT claiming DTAA tax relief because no tax paid in U.S.A.? Please advise. Thank you.

@Vanshkrishnatrey7 11 ай бұрын

Hi - Thanks for the video. I think the Microsoft shares shall be considered as unlisted shares. Since ITA talks only about listed on Indian stock exchange and therefore, we will have to select shares held in unlisted company aswell in the filing information.

@sristijaiswal1013 11 ай бұрын

You should select the checkbox "From sale of assets other than all the above listed items" under schedule CG and mention Microsoft under that. I have seen this is some other KZfaq videos.kzfaq.info/get/bejne/hLVmgs-Grpesqmg.html

@sushanthkumar2590 11 ай бұрын

If some companies listed in well known foreign stock exchange then it is not need to mention in this column i believe , only FA schedule is sufficient.

@sorv007 11 ай бұрын

Very helpful. Just one doubt - what’s the accounting period for FA 1-Jan to 31-December as you called in video as well? Any reference or site to cross check on same?

@Nama_CA 11 ай бұрын

Check the Sechdule FA. It is clearly written that you have to provide details till 31 Dec 2022.

@Vibehaiprabhu 11 ай бұрын

Maam my client is having rsu perquisite His shares vested on January 2023 do I need to file itr 2 and show details on FA schedule Or just file itr 2 without mentioning FA schedule Totally confused because of calendar year and financial year

@sushanthkumar2590 11 ай бұрын

While SBI currency there are two rate 1. Below 10 lakh 2. Above 10 lakh which rate we should if we have less than 10 lakh investment?

@rajeshsankaran4727 11 ай бұрын

Thanks for the very informative video. I have some dividend income due to ESOPs listed in the US market. How to get 1042-S ? Is it mandatory to submit 1042S and also Form67 to claim tax credit ?

@Nama_CA 11 ай бұрын

To claim tax rebate it is mandatory.

@divakarungatla7104 11 ай бұрын

@Nama_CA Wonderful explanation madam! thank you so much. Your video is a life saver. I have query about Schedule FA Table A3 1. If I was allotted RSU after the date of peak value in 2022 then which day price should I use for those stocks to calculate peak value of investment during the period ?In your example peak value is on 4 Jan 22 and shares are acquired on 4 Jan 22. If they are allocated after 4 Jan 22 say on 5 April 22, what should be the peak value of investment ? 2. For RSU allocated by MNC what should be the Initial value of investment. Is it same as purchasing shares or should it be zero ?

@prasaathviki7879 11 ай бұрын

Very useful information. Thanks. I have a question. Do we need to show foreign asset's (US stocks) dividend in ITR filing, That even not withdrawn from the broker (US stock broker)? I have purchased foreign assets (US stocks) for about 5000 rupees from India. And I have received dividends for that stocks in US broker website. Dividends are very low and I couldn't withdraw my money. Minimum requirement for withdrawal in 1$ but dividends are below 1$, So not able to withdraw that money. So do I need to show that dividends in ITR filling, Which I couldn't even received that money in my Indian bank?

@sreejagmenon3322 11 ай бұрын

Hello ma’am, where do we declare 401 k, is it under A1?

@gbpranav 11 ай бұрын

Hello Madam, This video has cleared almost all my doubts in filing ITR-2 with Form67 for my dividend income from foreign assets (shares). Thanks for your detailed explanation. my scenario is that I am purchasing my company shares every month under ESPP in Germany. Should add one line per month with preceding month's TTBR for each line (month) until Dec 2022? Would appreciate your guidance. Thanks.

@Nama_CA 11 ай бұрын

You need to add each line for foreign assets. Form67 is for dividend not for foreign assets.

@Sanatani_DSG 11 ай бұрын

Mam, under 50k tak non blood relationship se Airdrop ya Gift me Koi tax nhi lagta hai...lekin agar 60k ka gift milta hai to 50k Exemption hoga aur only 10k me hi tax apply hoga....ye sahi hai ???

@zakimustafa5329 11 ай бұрын

Could you please make a video on foreign RSU taxation as well? I know most of the things will be the same but still if you could only highlight the foreign assets and foreign income part in the video. RSUs are awarded and not bought, so what all things would change for RSUs from normally purchased US stocks? There are not many videos specifically on RSU. Please consider it. Thanks.

@Nama_CA 11 ай бұрын

The treatment is exactly same. That's why I use brough or given. I got the sense of your problem. Here I am giving one example: So assume you got 8 RSU from organization. So at the time of vested you got only 5 shares (3 was withhold for tax) So your foreign assets is only 5 shares. So you need to enter the 5 shares details with the date of it was credited in your account.

@zakimustafa5329 11 ай бұрын

@@Nama_CA Okay. Thanks a lot. Subscribed to your channel.

@theluxurylife8042 11 ай бұрын

@@Nama_CA Thanks a lot for making the video. It's very helpful. Just subscribed to channel. As you mentioned 3 shares withhold for tax out of the 8 vested RSU. Is it required to mention the gain/loss from those 3 shares as part of capital gains? And under FSI schedule? If yes, which category under Capital gain schedule to be selected? Is it under "From sale of assets other than all the above listed items" and within that will it come under a(i) or a(ii)? Please reply🙏

@Nama_CA 11 ай бұрын

These 3 shares are not your assets and it is also not credited to your trading account. So you don't need to do anything for these 3 shares.

@theluxurylife8042 11 ай бұрын

@@Nama_CA Thanks so much for you response maam! Is this applicable for sell-to-cover tax method also? In this case first 8 shares are vested and then 3 shares are sold on same/next day. Actually I can see sell transaction in stock account. Also these are there in gain/loss statement as buy price of alloted shares seen different than sell price of shares withhold.

@sanjaikumartingrikar8256 11 ай бұрын

Madam, Make videos on ITR-1 salaried employee and ITR -4 for freelancer or small business owners..And project report for small Business loan (mudra loan 5 or 10 lakh)

@Nama_CA 3 ай бұрын

Sure for this financial year

@jasminenarula5104 5 күн бұрын

hi Mam, I am purchasing shares every month, how to disclose them and do I need to use peak value for every month or year?

@ptejwani 2 ай бұрын

This video is very useful information. Thanks. I have got a question :- I am a green card holder & staying in India for more than 182 days in FY2023-24. Do I need to file as resident Indian or. As an NRI for filing ITR2 for FY2023-24. Kindly advice Thanks T P Rai

@Nama_CA 2 ай бұрын

As per rule. You should file the ITR as a resident of India.

@hiteshmehta4867 11 ай бұрын

Good and informative demo. Iwant to know, if MNC RCU alloted in Feb23 and tds had deducted..should we disclose this year.

@shelendrasharma9680 11 ай бұрын

if its a US based MNC then no need. as its after the calender year jan-dec 2022

@Nama_CA 11 ай бұрын

You need to disclose next year

@Unknown-vl8oh 11 ай бұрын

In case of ESOP - What should be the initial value of investment - Market Value or the Discounted Value with which purchase was made?

@Nama_CA 11 ай бұрын

Discounted value

@rajatjain5559 13 күн бұрын

Thank you for this. For filing "Schedule FA" do we need to fill the stocks purchased from "Jan-Dec" period or also stocks from last year? As in video you have shown stocks acquired older than 1 year.

@Nama_CA 13 күн бұрын

In Schedule FA we need to declare all stocks which we are holding at year end irrespective of purchasing year.

@rajatjain5559 12 күн бұрын

@@Nama_CA Thank you so much your your response. One more question, If, we do not have TTBY value on a particular date. Should we use previous day value? Like on 15 Aug value is not available on website.

@Nama_CA 12 күн бұрын

@@rajatjain5559 Yes you can.

@user-sr1ix2fv5d 11 ай бұрын

In si schedule, we dont have to put in amount ln tax thereon column?

@Nama_CA 11 ай бұрын

yes you need to put, I have mentions in the description about error.

@yashparikh3884 Күн бұрын

What are the reports reqd from client for fill all the RSU related details

@Nama_CA Күн бұрын

If you want filing services then mail me on agrawalnamrtaandassociates@gmail.com

@chisel9893 5 күн бұрын

Germany and india DTAA rate is 10 percent..if at germany 26 percent tax is cut...how much tax relief i will receive in itr in india- 10 or 26-10=16?

@Nama_CA 5 күн бұрын

For tax rebate calculation you should use tax rate as per DTAA i.e. 10%

@awasthisubham 11 күн бұрын

Hello Ms. Namrata. First of all, thank you so much. Since last few days, I have been seeing several videos that talk about declaring foreign assets in ITR-2. After seeing all three of your videos, without any doubt I can say that the way you have presented is one of the best. Thank you again for taking time out to create it - I am also subscribing to your channel. 🙂 I have one query and hope you would clarify. While filling the schedule FA, you have taken an example of Microsoft. In this case, the shares are listed in USA while the headquarters of the company is also in USA. However, my question is how will the information change if lets say shares of a company are listed in USA (e.g., NYSE) but, the headquarters are in some other country (e.g., Ireland)? In this situation what should be filled in the field - Country/Region Name and Code? Should it be USA (because stocks are listed there) or Ireland (because company is headquartered there)? This also becomes important because it might also impact calculations of tax in dividends since USA might have a different tax rates than the Irish tax rate. Even Government of India might or might not have DTAA with the other country. I look forward to hearing from you. Thank you!

@Nama_CA 10 күн бұрын

Hi Shubham, thank a lot for your compliments. In the given case, company listed in USA and tax also deducted in USA so in country name in ITR will be USA

@awasthisubham 10 күн бұрын

@@Nama_CA: Thank you for the reply. However, while the shares are listed in USA, the country in which tax has been deducted is Ireland as the company is registered there. In view of this, please suggest.

@Nama_CA 9 күн бұрын

In your case, your assets belong to Ireland. So In calculation, you need to use the US conversion rate as the share rate will be in USD as listed in USA but article number and tax rate need to take according to Ireland.

@hari_vinu_4 4 ай бұрын

Very useful video ma'am! I have two doubts after watching the video. Could you please clarify these? 1. If I have shared of US company purchased through ESPP, do I need to select "Schedule Tax deferred on ESOP"? 2. If I have purchased an under-construction property (registration will happen after completion only), and paying installments through loan, do I need to mention it under "Schedule AL"? Also how much amount would I mention as asset and liability in this case it is required to be filled?

@Nama_CA 4 ай бұрын

Thanks a lot for your compliment. 1. You need to declare US company's shares in Schedule FA. Schedule Tax deferred on ESOP is only for Start-ups and not for Foreign company shares. 2. In case your taxable income is more than 50 Lacs than only you need to declare in Schedule AL. Asset amount will be your property cost and Liability is your remaning loan amont.

@hari_vinu_4 4 ай бұрын

@@Nama_CA thanks ma'am for clarifying!

@hari_vinu_4 4 ай бұрын

Hi ma'am, Can you make a video of advance tax also?

@Nama_CA 4 ай бұрын

I will try to make video on this. Meanwhile you can use below link to calculate advance tax. incometaxindia.gov.in/Pages/tools/advance-tax-calculator.aspx

@hari_vinu_4 4 ай бұрын

@@Nama_CA thanks ma'am. Looking forward to it!

@nature2229 11 ай бұрын

Hello! I have received RSU units from my outside India Employer on a purely cash-settled basis, meaning the allotted RSU on vest was directly sold by my employer and I got it in salary as Cash Payout after TDS was deducted as usual, I never actually received the shares or hold any as seen in transaction statement. I don't have any other condition applicable for ITR 2 and usually fill ITR 1. Do I have to fill ITR2 in this case? Thanks in advance!

@nature2229 11 ай бұрын

@Name_CA any idea?

@prashanttyagi3200 11 ай бұрын

Hello, one question - request you to please answer if possible today "If a dividend is re-invested on a foreign stock in US, do I still need to show in income tax in India"

@Nama_CA 11 ай бұрын

Yes you need to show in dividend and also need to declare the shares in Foreign Assets as well

@neeraj79 Ай бұрын

Hi Madam, If i have a foreign US stock that i have bought in different quantities multiple times and sold multiple times in a year, how to enter multiple transactions of the same stock? Do we need to calculate average value ?

@Nama_CA Ай бұрын

You will have to do separate entries for each transaction as per buying date and purchase value. In Schedule FA, the assessee has to disclose all holdings which he has held for a day or more during the calendar year 2023 for filing of ITR for AY 2024-25. In capital gain, you can enter a consolidated value and report your gain and loss. If you want to know how to report capital gain, go through my other video of either RSU or ESPP.

@gouravsamaiya 11 ай бұрын

Hi Mam, If a person doesn't have TIN and Passport number, can any other info(pan number etc) be used to fill in the field ?

@Nama_CA 11 ай бұрын

No as per Income tax act its not allowed

@bpraween 11 ай бұрын

what is the procedure if Indian avg tax rate is above foreign tax rate? eg tax slab is 30% and foreign dividend tax rate is 25%

@Nama_CA 11 ай бұрын

The procedure is same. You will get the tax rebate of lower of both tax rate. So in your case you will get tax rebate of 25%. But you need to calculate the average tax rate, 30% is tax slab not the average tax rate. Check my Form67 video for calculation of average tax rate. kzfaq.info/get/bejne/pMpno9KZuN3TdGw.html

@adityaabhiram5483 11 ай бұрын

For declaring scheduled fa, it should be till Dec 2022. For dividends obtained from foreign stocks, it it also till Dec 2022 only or we should provide info till March 2023

@Nama_CA 11 ай бұрын

Till 31st December 2022 only.

@manVshandle 11 ай бұрын

@@Nama_CA and what about stocks sold in JAN-MAR 2023 period ?

@adityaabhiram8671 11 ай бұрын

@@Nama_CA ma'am since while filling Schedule OS, it is required to mention split of dividend across quarters right, so how to mention the info about dividend received in Jan-Mar 2022?

@bharatram3013 25 күн бұрын

@Nama_CA I have RSU(Restricted Stock Units) from my employer which have been vested but I haven't sold any yet. Do I need to file ITR-2 and declare schedule FA or just ITR 1 is enough?

@Nama_CA 25 күн бұрын

You have to file ITR2 and declare it in Schedule FA.

@pranavsharma7479 18 күн бұрын

Same i have stocks but only vested not sold any stocks as such what all sections i need to fill?

@Nama_CA 17 күн бұрын

@@pranavsharma7479 You have to fill Schedule OS, FSI, TR, and FA for declaring Foreign Assets and dividend income on Foreign assets.

@shreeexplore 11 ай бұрын

What if rsu release on 15.1.23 and tax withheld as netting share and income taxed as perquisites. What will do in itr 2. Should i show foreign assest and foreign source of income. Please reply

@Nama_CA 11 ай бұрын

No. Year 2023 entry will go in next year ITR2. You can file now without FA if you don't have anything in Year 2022.

@shreeexplore 11 ай бұрын

@@Nama_CA but what about foreign source income in salary perquisites of 21 share taxed at normal slab and I get only 14 share can I claim relief under section 90 in this ay 23 24. I paid tax by 7 share that $342. And shall I file form 67?

@vinodj7535 Ай бұрын

I was not aware of foreign stock disclosure, can I disclose foreign stock that I bought in year 2021, 2022 and 2023 in current year IT filing. I sold few in year 2023 only. No sells were done in earlier years.

@Nama_CA Ай бұрын

As per the rule, you should disclose all foreign assets which you are holding or sold in calendar year 2023 for FY 2023-24 ITR filing. Also, need to declare the capital gain on Foreign shares if any. You can go through my video of ESPP/RSU for capital gain disclosure on Foreign shares.

@rajatjain5559 13 күн бұрын

@@Nama_CA Here question is "I disclose foreign stock that I bought in year 2021, 2022 and 2023 in current year IT filing?" Or do we need to revise old returns?

@madhusudanmore4920 4 күн бұрын

in case of new tax regime, is 80 D applicable

@Nama_CA 4 күн бұрын

No, you can check my old vs new regime video.

@praveennet 11 ай бұрын

Schedule Special Income - Foreign Income (Dividend) 38. Income chargeable under DTAA - "Tax Thereon" - you mention it should be lower of both tax. But shouldn't be it 'tax under normal provisions in india'? Based on that Part TTI will get relief with lower value? e.g. Foreign Income as Dividend (INR) =40000; Tax paid in US (25%) (INR) =10000; Tax payable in India (slab 30%) (INR)= 12000 Do we have to mention '12000' as 'Tax Thereon' in 'SI' so in Part TI it shows right value in 2.b and 11.b? So '10000' (paid in US) gets as relief. So need to pay 2000 (12000-10000) as additional tax in India? Please check if this is correct.

@superrb24 6 күн бұрын

Hello, what about calendar year and financial year as in India we account income as per financial year and in foreign income is accounted as per calendar year. My client earns salary in February and March 2024 in US and tax is withheld on the same , so do we include this salary in india income as he is a resident also how can we claim the tax credit for these 2 months as FORM 1042-S is available as per calendar year and not financial year. So if we show feb and march income in fy2023-24 return we cant claim the tax credit for the same as we dont have any proof to submit along with form 67.

@Nama_CA 6 күн бұрын

Use tax withhold statements provided by employer like salary slip for credit claim for jan and feb month

@superrb24 6 күн бұрын

@@Nama_CA ok so form 1042-s is not mandatory in that case right to take tax credit for those months ?

@superrb24 6 күн бұрын

@@Nama_CA as my client received dividend income on esops in the month of feb and march and tax is withheld on the same and to proof we have only broker statements showing the tax withheld , does it work if we upload those statements there?

@Nama_CA 6 күн бұрын

@@superrb24 they need prrof of income and tax withhold.

@superrb24 6 күн бұрын

@@Nama_CA also how we disclose these in shedule FA as they ask for gross amount received and it is as per calendar year so do we include the feb and march dividend in gross amount received if we are showing that as income in other source?

@nitesh4043 11 ай бұрын

hello @Nama_CA my Foreign Assets schedule FA I have 300+ entries but my short-term capital is negative so i need to enter all info in schedule FA Manualy pls reply maam?

@Nama_CA 11 ай бұрын

Yes, you need to enter every thing manually, FA schedule does not have CSV this year. If you need assistance can mail me on agrawalnamrtaandassociates@gmail.com

@nitesh4043 11 ай бұрын

@@Nama_CA thank you mam for ur reply

@sahilsyed2850 11 ай бұрын

@@Nama_CA I filed my ITR. want to discuss in call. How to approach you?

@shailendrathakur87 17 күн бұрын

I am in india and i have us share I don't have US TIN or passport how can i create tin number

@Nama_CA 16 күн бұрын

Please check the IRS US site for the TIN number process. In my opinion applying for Passport will be easier for you.

@rakeshkesarwani6880 11 ай бұрын

Pls reply mam ....

@elumalai3742 10 күн бұрын

Hi madam please ESOP filing video

@Nama_CA 9 күн бұрын

I analyze real-life scenarios and create videos, allowing me to provide detailed guidance for ITR filing. If you share a specific real-life example, I can create a video based on it.

@rakeshkesarwani6880 11 ай бұрын

How to show Foreign Esop loss in itr 2

@Nama_CA 11 ай бұрын

In capital gain schedule.

@RAKESHKESARWANI-re5id 11 ай бұрын

@@Nama_CA thanks mam, one more things about calculation of Loss on foreign esop , is there any Taxpnl report like Zeroda provided , is given or issued by froeign brokerage firm , please tell name of that report from where we get Foreign ESOP Loss Figure .

@sushmitadutta2783 Ай бұрын

How to report Short term loss?

@Nama_CA Ай бұрын

In the same way, as we have reported the Short-term capital gain. In the case of loss, the "full value of the consideration (sell value)" will be lesser than "the cost of acquisition (purchase value)". So it will automatically calculate "The Balance value" which will be in Negative mean loss.

@amitsangtani 11 ай бұрын

I was looking for Schedule FA information. Very useful and informative. I hold shares under Stock Options (ESPP and RSU) since 2018. And I have not disclosed FA until now. I was filing ITR-1 because I was in impression, until I don’t sell share, I don’t need to file ITR-2. Is it fine, if I file ITR-2 FA for this FY (2022-23) only, disclosing all assets until now ? Can you help me filing my returns ? How do I contact you ?

@Nama_CA 11 ай бұрын

Thank you for your feedback. You can mail me on Agrawalnamrtaandassociates@gmail.com And discuss on that.

@rajatjain5559 13 күн бұрын

@@Nama_CA Can you please help in answering question. It asked if its okay to disclose previous hold share this year? Thanks in advance.

@pmittal 11 ай бұрын

good video but you are using wrong TTR date. See incometaxindia.gov.in/Rules/Income-Tax%20Rules/103120000000007546.htm. Also, whle filling special income you didn't enter minimum of tax paid in foreign vs india

@Nama_CA 11 ай бұрын

Thank you for the feedback. TTR link which you shared it is for the income and not for the assets. Yes in schedule SI that Is left out mistakenly.

@pmittal 11 ай бұрын

@@Nama_CA In my view these are guidelines for FX conversion and not income vs asset. it clearly states reference date to be used for dividend, interest etc. please share instructions link for asset if you think its different? Additionally, let's assume for a moment it's different. For dividend income you will use link shared by me but while filing FA you will use different FX conversion value. This will be a mismatch and unnecessary doing same calculation again

@Nama_CA 11 ай бұрын

Here is the PDF for ITR2, check schedule FA. incometaxindia.gov.in/Supporting%20Files/2015/InstructionITR2_2015_ENG.pdf

@pmittal 11 ай бұрын

@@Nama_CA please check PDF. this is for assement year 2015-2016. you are referring to older instructions

@Nama_CA 11 ай бұрын

@@pmittal send me amendments then.