Mam if I have received RSU shares free of cost . Tds is deducted on them by selling some portion of shares . What should be the " initial value of investment "? Some say it should be fmv on day of vesting, some say it should be zero . ??
Hi @Sakshi_Jain / @TeamQuicko,
I have invested only around 18,000 Rs in US stocks. I read a few articles where it says that penalties of up to âš10 lakh applicable only if foreign assets exceed âš20 lakh.
I wanted to confirm if I need to file a revised ITR before 31st Dec and declare foreign assets?
Is there any automated software that calculates the capital gains tax liability by directly importing US based Interactive broker transaction file for Schedule FA section. If not do try to start it by coming March so that we can use it for the next filing. It is very complicated to find the equivalent rupee /peak value needed for calculation leading to unforeseen errors
Schedule FA cells in ITR 2 offline Excel utility are disabled and it says that sheet is password protected,.
I used PANDDMMYYY and panDDMMYYYY as password but not working.
Does anybody know the pwd ?
Figured this out. Itâs not a pwd thin. In the subsequent tabs , where tax is calculated , there is a cell where u have to enable whether u want to report Foreign assets or not. If u put Yes, this will enable the cells in the FA sheet.
US equity holdings in Schedule FA of your ITR, even if they havenât generated income. This ensures compliance with Indian tax laws regarding foreign assets.
Hey @Vivek_Parmar ,
Yes, a penalty applies only if you donât disclose foreign assets and the investment value goes over the defined limit.
However, if youâve invested in foreign stocks, you must report them in your ITR, no matter the amount.
If you missed this in your original ITR, you can file a revised one by 15th Jan 2025 to add the details. This will help you stay compliant and avoid future issues.
Thank you madam,
For FY 2024-25 I am trying to fill FA and have few questions.
I and 45years old and have worked in UK for few years and have a private employers pension fund in UK. Employer contributed to this for this every month for 2 years from 2012-2014. Since I left the employer there is no contribution from employer and I have not paid anything since then but the fund is still there, but I am not going to receive any pension or income until I am 60years old. I have moved to India for last few years and based here for tax purpose.
- Should I declare this in FA as an asset during ITR? I have not mentioned this in my previous ITR, will this have any consequence?
- As it is not clear which Section should I fill in FA for 2024-25?
- As my income is >1cr should I declare this in AL section as well?
Looking forward for your response.
Regards
Gopi
Have you put in Schedule FA feature ?
Hi @hpant,
Reporting of foreign assets is available on Quicko. Go to âAdditional Detailsâ, scroll to âPersonal Assets & Liabilitiesâ, click on âAdd Personal Assetsâ, choose the asset type, select âForeignâ, and fill in the details.
Hope this helps!
@Diti_Savalia Thanks.. I went to that section as called out by you and I could see option of Foreign Shares and securities . However the fields asked over there seem very limited. Will just filling these details suffice from ITR point of view ? For example it doesnt ask for details like number of shares held, dividend income on those shares . Basically details which go into Schedule FA and FSI.
Your own link Schedule FSI and TR in Income Tax Return - Learn by Quicko
for example talks about lot of details
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Hi @hpant,
For foreign assets, the details asked in Quicko are sufficient to report in your ITR and will be reflected in the required schedules.
If you also have foreign income, like dividends, go to the âOther Incomesâ section and look for âOther Foreign Income.â
Click âAdd Foreign Incomeâ, choose the asset type, select the country, enter a brief description, amount, and save.
This is comforting.. The level of details being asked in the Govt IT site vs what you are asking was making me uncomfortable.
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I hope it is clear now.
Happy tax filing!
I have seen various advice on how to report Traditional IRA in the US in ITR-2. Per an expert from Quicko, it should be reported in Section A1 of FA along with bank accounts in the US. Others have suggested Section A3 and A4(B) of FA. Which is the correct section in FA for reporting traditional IRA in ITR-2?
There appears to be general understanding that brokerage accounts should be reported in Sec A3.
Thanks
I am in chat with your colleague(Zainab Hawa) over email and I am getting contradictory response.
I asked -
As for the foreign assets reporting ( Schedule FA) , the issue I see is that you only ask for Country , Description and Account number in addition to the various financial values of the investments and purchase date. I was reading ITD sites and I could complete name , address of the foreign entity also as a requirement. However, your site does not mandate this which surprises me. Can you please check this point ?
To which I got the response
Regarding foreign asset reporting (Schedule FA) , you are correct that as per ITD guidelines, details such as the complete name and address of the foreign entity are required. Currently, our platform captures the key fields (Country, Description, Account Number, investment values, and purchase date), but we are reviewing your input to ensure all mandatory disclosures are properly supported. We will escalate this to our compliance and product teams for immediate review and update.
Now I am told
Kindly use utility for the same for now.
I am confused as to what this means. More so after doing all my data updates in your platform. I would hate to do all this work again at ITD site. Is there any way I can use all the work I have done on your site till now , maybe download some json , upload the same to ITD site and then just update the FA part at ITD site ?
Hi @hpant,
Weâre really sorry that you had to go through this confusion. To clarify, for Schedule FA, hereâs how it works on our platform:
- The âDescriptionâ field is where you enter the name of the foreign entity manually.
- For the address you only need to select the country. The system will then automatically populate the country name in the address field.
This means you wonât have to redo the work youâve already done. You can continue with the data entered on our platform and simply update the FA details as required.
To make this easier, please feel free to check our YouTube guide here: Reporting Schedule FA
Thanks @Diti_Savalia . However your site doesnât ask for details like address of the entity which the ITR asks for so this is a miss from your end
Hi @Gopinath_MR
You need to report such details of the fund, in the ITR, and income from that, as well.
You may have funds as per UK rules, and have in US old fund and new fund and taxability is different in both the cases in India.
Is schedule FSI required for Sale of RSU stocks?
The said stocks were captured as part of Perquisites during vesting and was shown in FA as a holding. This year, the stocks were sold for a profit - So this would be STCG and is accordingly shown in schedule CG.
Question: Does the STCG need to be shown in FSI too? Your article above says FSI is required for Dividends, Rents etc⌠Just wondering if it is required to be shown in both Schedule CG and Schedule FSI.
Please note: There is no TAX relief being claimed under DTAA.