Which ITR to file

Income Tax Income from Capital Gains
21

Hi @Bharti_Vasvani,

I would like to have a few more queries addressed regarding ITR-2 filing. Please refer my initial post to view the foreign income specifics.

Schedule FSI related:

  1. For remote work from India, should passport number be provided for TIN (though work was not exercised from the foreign country)?
  2. Should Tax payable on such income under normal provisions in India be filled after/before the rebate u/s 87A is applied?
  3. For Relevant article of DTAA if relief claimed u/s 90 or 90A, is it Article 15 of DTAA u/s 90 for Australia, when it comes to salary income? Must this be filled ONLY IF relief is claimed?
    image
    image1778×189 24.2 KB

    Source: https://www.incometaxindia.gov.in/Pages/international-taxation/dtaa.aspx
  4. Must Form 67 be filed even if no foreign tax credit is claimed?

General:

  1. Is Professional Tax [section 16 (iii)] payable on foreign income? Also, is PF contribution compulsory on foreign income?
  2. Should Schedule FA (G) be filled as a condition reads ‘income from any source outside India’?
    image
    image808×362 46 KB
  3. Is there any form like AIS or 26AS which shows the actual foreign income credited? When there is a discrepancy between the salary shown in the payslip and that which is credited to the bank account (decimal round off made), the latter is the actual salary to be reported right?
  4. Does Australia’s FY i.e. Jul 1 to Jun 30 have any effect on how foreign income is reported in the ITR?

Thank you!

22

Hi @shereena_jose, the taxability of foreign assets differs from country to country based on India’s DTAA agreement. If you can share your contact information on this link, so that someone from our team can get in touch with you to help you understand the plan, process, pricing and discount.

23

Thanks @Yash_Kaviya for your reply.

I do not own any foreign assets, only that I earned a salary income from Australia while working remotely from India. My question was whether this income should be reported under Schedule FA (G) as well.

As I would be filing the return myself as usual, if any query could be addressed, that would be great!

Thank you.

24

Dear Sir/Madam,

Could you please help in the below case -

  1. Non Salaried Person
  2. Income from STCG (Equity shares) - 180000
  3. Income from LTCG (Equity Shares) - 37000
  4. Loss from Options trading - (-140000)

which ITR form would be suitable for my case ?
Can income from STCG & LTCG can be adjusted aginst loss from option trading ?

Please advise.

Regards
Priyanka

25

Hello, since income from options trading is considered non-speculative business income and you need to file ITR 3 for the same.

And you can set off your non-speculative business loss, loss from options trading in this case against any income except for salary in the current year

Here’s an article that can guide you more regarding setting off losses

26

Thank you, Madam. Could you please also advise for the salaried person case :

  1. Salaried Person (Income 12L per annum)
  2. Income from STCG (Equity shares) - 180000
  3. Income from LTCG (Equity Shares) - 37000
  4. Loss from Options trading - (-140000)

which ITR form would be suitable for my case ?
Can income from salary, STCG & LTCG can be adjusted aginst loss from option trading?

Please advise.

Regards
Priyanka

27

i don’t want to carry forward my speculative business loss.can i fill itr2 form?

28

Hello Madam,

There has been a person who has been an ‘employee’ since 15 years.
Now lets say that he wants to stop doing job .

Regular income from salary ( and the monthly tax) would now stop from Nov 2024.

Would the income tax department get puzzled that why the money is not coming? Do I need to intimate them so that they don’t intimidate me in july 2025

29

Hi @Punit_T,

There’s no such requirement. If someone decides to not continue with their job and quit, they’ll not be receiving salary and hence tax will also not be deducted from the same.

Here, there’s no income for the subsequent months, there’ll be no tax liability either. Therefore, there’ll be no shortfall of taxes paid and a notice is only issued when you make some default which will not be the case.