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 ₹10 lakh applicable only if foreign assets exceed ₹20 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. It’s 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 haven’t generated income. This ensures compliance with Indian tax laws regarding foreign assets.
Hey @Vivek_Parmar ,
Yes, a penalty applies only if you don’t disclose foreign assets and the investment value goes over the defined limit.
However, if you’ve 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.