Who must report foreign assets in the return?
A resident taxpayer who held any foreign asset or had signing authority in a foreign account during the calendar year must report it in Schedule FA in ITR-2 or ITR-3. Non-residents and not-ordinarily-resident persons have different rules. We determine your status first.
How are RSUs taxed in India?
RSUs are taxed twice. At vesting, the fair market value less any price paid is a salary perquisite. When you sell, the sale price less the vesting-date value is capital gains. Because both are in foreign currency, each is converted to rupees at the prescribed rate on the relevant date.
Can I get credit for tax paid in the US?
Yes, through the India-US treaty or section 91, if you have paid the tax abroad and file Form 67 with documents, such as the foreign return or tax statement. The credit is limited to the Indian tax on the same income. We calculate the allowable credit.
I forgot to disclose a foreign account earlier; what now?
A belated, revised or updated return can be filed to disclose it, depending on the year, and the Black Money Act can apply to non-disclosure. We assess the exposure and the options, and prepare a corrected return where one is available. Speaking to us before a notice arrives usually gives more choices.
What exchange rate is used for conversion?
For salary perquisites, the SBI telegraphic transfer buying rate on the last day of the month preceding the month of vesting is generally used. For capital gains, the rate on the date of purchase and sale is used with specific rules. We document the rate chosen for each item.
Do dividends from US stocks attract Indian tax?
Yes, at slab rates, even though the US may withhold 25% or 15% at source. Credit for the US tax is allowed up to the Indian tax on the same income. The treaty rate depends on the form filed with the broker, usually W-8BEN for non-US persons.
What is the last date to file an income tax return?
For individuals and HUFs who do not need an audit, the usual due date is 31 July after the financial year ends. Cases needing a tax audit normally get 31 October, and companies with transfer pricing reports 30 November. The government sometimes extends dates, so we confirm the notified date for your year before we start.
What happens if I miss the ITR due date?
You can still file a belated return under section 139(4), generally until 31 December of the assessment year, but with a late fee under section 234F (₹5,000, or ₹1,000 if total income is up to ₹5 lakh) and interest under 234A. Most losses cannot be carried forward in a belated return, which can cost more than the fee itself.
Do I need to e-verify my return after filing?
Yes. A return is treated as filed only after e-verification, which must be completed within 30 days of filing. You can verify with Aadhaar OTP, net banking, a pre-validated bank account or a demat account. We guide you through it and confirm the processed status on the portal afterwards.
