Sir, for an employee working in India for a US-based MNC, buying stocks through the Employee Stock Purchase Program (ESPP) and receiving quarterly dividends on the UBS platform in the US, with no US bank account other than the stock platform, is it necessary to report these dividends in the Indian ITR every year, disclose the stocks and platform under foreign assets annually, or only report when selling the stocks?
As per Indian tax laws and the ongoing compliance campaign by the CBDT, any individual who is a resident in India for tax purposes is required to disclose all foreign assets in their Income Tax Return (ITR) annually. This includes: 1. Disclosure of Stocks & Platforms: The stocks purchased under the Employee Stock Purchase Program (ESPP) and the UBS platform (considered as foreign assets) must be disclosed under the Schedule FA (Foreign Assets) of the ITR, even if you have not sold the stocks. 2. Reporting of Dividends: Any quarterly dividends received on these stocks, even if credited to the UBS platform, are taxable in India as Income from Other Sources. You are required to include them in your annual income and pay tax accordingly. 3. Sale of Stocks: When the stocks are eventually sold, the capital gains/losses will also need to be reported in the ITR for the respective financial year. Non-disclosure of such foreign assets or income may lead to severe penalties under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Therefore, it is essential to report both the existence of these foreign assets and any income derived from them annually.
A Revised Return can be filed under Section 139(5) of the Income Tax Act, 1961. Here are the key details: 1. Eligibility: A revised return can be filed if the taxpayer discovers any omission, error, or wrong statement in the original return filed under Section 139(1) or a belated return filed under Section 139(4). 2. Time Limit: A revised return must be filed on or before 3 months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
NRI Avan 182 day abroad poyi stay chydal madyo. This financial year il nja 170 day abroad ayirunu. Oru 12 day nja international trip koodi plan chydal enik NRI Avan patttumo?
Ith Non Residents inu applicable alla ennu ellarkkum ariyam but the Title is clickbait.. just to confuse NRIs ?? NRIs are not liable to IT unless they have a source of income in India - example - from their assets like rental income from a house on rent etc.,
Many NRIs called office, being afraid that it is applicable to them. That is why we did the video. You are very much updated in tax laws, congratulations. But every one not updated as you !
@@MyCAsubinvr Cmon.. in a place like Kerala where every family has Atleast one NRI / NRI family, this is common knowledge. How did the NRIs manage before TH-cam came ? 😀 Anyways great effort on your part.. 👍
2022_23 ൽ ടാക്സ് ചെയ്തപ്പോൾ 10E calculate ചെയ്തിരുന്നെങ്കിലും relaxation claim cheyyan വിട്ടുപോയി. ഇനി ഇപ്പൊൾ ചെയ്യാൻ എന്തെങ്കിലും possibility ഉണ്ടോ 😢😢
Very informative and explained well . Thanks for your valuable services.
Valuable information.😮
Sir, for an employee working in India for a US-based MNC, buying stocks through the Employee Stock Purchase Program (ESPP) and receiving quarterly dividends on the UBS platform in the US, with no US bank account other than the stock platform, is it necessary to report these dividends in the Indian ITR every year, disclose the stocks and platform under foreign assets annually, or only report when selling the stocks?
As per Indian tax laws and the ongoing compliance campaign by the CBDT, any individual who is a resident in India for tax purposes is required to disclose all foreign assets in their Income Tax Return (ITR) annually.
This includes:
1. Disclosure of Stocks & Platforms: The stocks purchased under the Employee Stock Purchase Program (ESPP) and the UBS platform (considered as foreign assets) must be disclosed under the Schedule FA (Foreign Assets) of the ITR, even if you have not sold the stocks.
2. Reporting of Dividends: Any quarterly dividends received on these stocks, even if credited to the UBS platform, are taxable in India as Income from Other Sources. You are required to include them in your annual income and pay tax accordingly.
3. Sale of Stocks: When the stocks are eventually sold, the capital gains/losses will also need to be reported in the ITR for the respective financial year.
Non-disclosure of such foreign assets or income may lead to severe penalties under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Therefore, it is essential to report both the existence of these foreign assets and any income derived from them annually.
Subin sir, this revised return to be filed under which section? please advise
A Revised Return can be filed under Section 139(5) of the Income Tax Act, 1961. Here are the key details:
1. Eligibility:
A revised return can be filed if the taxpayer discovers any omission, error, or wrong statement in the original return filed under Section 139(1) or a belated return filed under Section 139(4).
2. Time Limit:
A revised return must be filed on or before 3 months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Crypto tax... ഞമ്മൾ ബാങ്കിലേക്ക് withdraw ചെയ്യുന്ന ഫണ്ടിനാണോ itr ഫയൽ ചെയ്യേണ്ടത്
No. For profit
Thank you dear, very informative
Glad it was helpful!
Sir ente friend 10 lakhs ente account ilek bank transfer cheythal it notice varumo
No
Thanks sir 😊
Very very useful video
Thanks a lot
NRI Avan 182 day abroad poyi stay chydal madyo. This financial year il nja 170 day abroad ayirunu. Oru 12 day nja international trip koodi plan chydal enik NRI Avan patttumo?
If stay in India is 182 days or more, you will become Resident
@@MyCAsubinvr182 days have been changed in recent years to 4months + 150 days in previous 5 years?
👍very informative
Glad you think so!
👍
ഇവർക്കൊന്നും. അദാനി ഉം അംബാനി ടെ ഒന്നും. അറിയേണ്ട ആവശ്യം ഇല്ലാ
Ith Non Residents inu applicable alla ennu ellarkkum ariyam but the Title is clickbait..
just to confuse NRIs ?? NRIs are not liable to IT unless they have a source of income in India - example - from their assets like rental income from a house on rent etc.,
Many NRIs called office, being afraid that it is applicable to them. That is why we did the video. You are very much updated in tax laws, congratulations. But every one not updated as you !
@@MyCAsubinvr Cmon.. in a place like Kerala where every family has Atleast one NRI / NRI family, this is common knowledge. How did the NRIs manage before TH-cam came ? 😀
Anyways great effort on your part.. 👍
2022_23 ൽ ടാക്സ് ചെയ്തപ്പോൾ 10E calculate ചെയ്തിരുന്നെങ്കിലും relaxation claim cheyyan വിട്ടുപോയി.
ഇനി ഇപ്പൊൾ ചെയ്യാൻ എന്തെങ്കിലും possibility ഉണ്ടോ 😢😢
No