ITR2 Filing with Foreign Assets & Capital Gain | How to fill Schedule FA -Foreign Assets declaration

Summary

This video script offers a comprehensive guide on filing ITR-2 for salaried individuals holding foreign assets. It explains the necessity of declaring foreign assets under the Income Tax Act, despite no additional tax liability, to avoid hefty penalties and imprisonment. The script outlines the eligibility for ITR-2, required documents, and a step-by-step process for filing, including details on schedules for income, deductions, and foreign assets, emphasizing the importance of accurate financial reporting in INR using the Telegraphic Transfer Buying rate.

Takeaways

• 📋 Salaried individuals holding foreign assets must file ITR-2 for declaration, which includes assets like properties, bank accounts, and shares outside India.
• 🤔 Even if foreign shares are part of one's salary and have been taxed, they must still be declared in ITR-2 as per the Income Tax Act.
• 💼 Failure to disclose foreign assets can lead to penalties of 30 to 90% of the asset's value and potential imprisonment of up to 7 years.
• 👤 Individuals or Hindu Undivided Families (HUFs) without business income and those ineligible for ITR-1 should file ITR-2.
• 📑 Required documents for ITR-2 filing include Form 16, 26AS, AIS, investment proof, capital gain loss statement, foreign income and tax documents, and foreign assets information.
• 💹 Foreign assets, whether purchased or sold in 2022, must be declared in Indian Rupees using the Telegraphic Transfer Buying rate.
• 🔍 The ITR-2 filing process involves selecting the appropriate tax schedules based on income sources and deductions, and entering personal and financial details.
• 🏦 Bank account details are necessary for processing any refunds resulting from the ITR-2 filing.
• 📈 Capital gains, both short-term and long-term, must be reported with consolidated or separate data as per the guidelines, using trading account statements.
• 💡 Other source income, such as dividends and interest, should be verified and updated in the ITR-2 filing, including any foreign income received.
• 🌐 The declaration of foreign assets in ITR-2 is crucial and involves providing detailed information about each asset, its acquisition date, value, and any dividends received.

Q & A

What is the purpose of filing ITR-2 for a salaried person holding foreign assets?

ITR-2 is required to be filed for the declaration of foreign assets such as properties, bank accounts, securities, and shares of foreign companies. This is irrespective of whether the individual has already paid tax on the income from these assets, as it is just a declaration and not an additional tax liability.

What are the potential consequences of not disclosing foreign assets in ITR-2?

Failure to disclose foreign assets can result in penalties ranging from 30 to 90% of the value of the foreign assets, along with the possibility of imprisonment for up to 7 years.

Who is required to file ITR-2 according to the script?

Individuals or Hindu Undivided Families (HUFs) who do not have income from business or profession, and those who are not eligible to file ITR-1, are required to file ITR-2.

What documents are needed for filing ITR-2 as mentioned in the script?

The required documents include Form 16, 26AS, AIS, proof of investments, capital gain loss statement, statement and certificate of foreign income, deduction of foreign tax, and information about foreign assets.

How should the value of foreign assets and income be reported in ITR-2?

All values related to foreign assets and income should be reported in Indian Rupees (INR) using the Telegraphic Transfer Buying rate of the respective dates.

What is the significance of the Telegraphic Transfer Buying rate in reporting foreign assets and income?

The Telegraphic Transfer Buying rate is used to convert foreign currency values into INR for the purpose of filing ITR-2, ensuring consistency and accuracy in reporting.

What are the steps to file ITR-2 as outlined in the script?

The steps include logging into the income tax website, selecting the assessment year, choosing the mode of filing, starting a new filing, selecting ITR-2, providing personal and bank details, filling out various schedules based on the individual's income sources and deductions, and finally reviewing and submitting the return.

What is the process for declaring foreign assets in ITR-2?

To declare foreign assets, one must select the type of financial asset, provide details such as country name, name of the entity, address, ZIP code, date of acquisition, initial investment value, peak value during the year, closing value at the end of the year, and any dividend or income received from the asset.

How are capital gains calculated and reported in ITR-2?

Capital gains are calculated based on the difference between the selling price and the purchase price (or fair market value, whichever is higher) of the assets. This information is then reported in the relevant schedules of ITR-2, such as Schedule 111A for short-term capital gains and Schedule 112A for long-term capital gains.

What is the role of the Schedule FA in ITR-2 filing?

Schedule FA is crucial for declaring all foreign assets held or received until the end of the financial year. It requires detailed information about each foreign asset, including its nature, acquisition date, and value in INR.

How should one handle foreign dividend income in ITR-2?

Foreign dividend income should be reported in the Other Sources of Income schedule. It should be noted that such income may be subject to special tax rates as per Double Taxation Avoidance Agreements (DTAA) and the Income Tax Act.

Outlines

00:00

📚 Filing ITR-2 for Foreign Assets: An Overview

This paragraph introduces the necessity for salaried individuals holding foreign assets to file an Income Tax Return (ITR) using Form ITR-2. It explains that foreign assets encompass properties, bank accounts, securities, and shares of foreign companies outside India. The speaker addresses common concerns about declaring these assets, such as whether taxes have already been paid on them or if there are gains involved. The paragraph emphasizes that declaration is mandatory as per the Income Tax Act, regardless of income, to avoid penalties and potential imprisonment. The video promises a step-by-step guide on filing ITR-2, including who must file it, the documents required, and the process of converting foreign income and assets into Indian Rupees using the Telegraphic Transfer Buying rate.

05:02

🔍 Understanding ITR-2 Filing Requirements and Process

The second paragraph delves into the specifics of who needs to file ITR-2, targeting individuals or Hindu Undivided Families (HUFs) without business income or those ineligible for ITR-1. It outlines the documents necessary for filing, such as Form 16, 26AS, AIS, investment proof, and certificates of foreign income and assets. The speaker highlights the importance of declaring assets purchased or held in 2022 and converting all foreign asset data into INR. The paragraph also guides viewers on how to access and navigate the income tax website for filing ITR-2, detailing the steps from logging in to selecting the appropriate forms and schedules.

10:06

📈 Capital Gains and Dividend Income: Detailed Breakdown

This paragraph focuses on the intricacies of reporting capital gains and dividend income, particularly from foreign sources. It explains how to fill out schedules for short-term and long-term capital gains, detailing the process of providing consolidated data and calculating gains. The speaker also covers the reporting of dividend income, including how to add foreign dividends and interest income, and the special tax rates applicable to such income. The paragraph emphasizes the need to verify data against AIS and to use the correct ISIN codes and fair market values for shares and mutual funds.

15:11

🌐 Deductions, Tax Relief, and Foreign Income Reporting

The fourth paragraph covers various deductions available under sections like 80C, 80D, and 80TTA, and how to claim them in ITR-2. It also discusses tax relief under sections 90, 90A, and 91, and the process of reporting foreign income, including dividends from foreign companies. The speaker provides a detailed example of how to fill out the foreign income schedule, including tax paid outside India and the applicable tax rates as per the Double Taxation Avoidance Agreement (DTAA). The paragraph also touches on the declaration of foreign assets and the use of the Telegraphic Transfer Buying rate for currency conversion.

20:19

🏦 Final Steps in Filing ITR-2: Verification and Submission

The final paragraph summarizes the last steps in the ITR-2 filing process, including the computation of setoffs for current and brought-forward losses, the declaration of special income, and the verification of deductions and tax relief. It guides viewers on how to fill out schedules for medical insurance, foreign income, and foreign assets, emphasizing the importance of accurate and complete information. The speaker also explains how to review and confirm the total income, tax paid, and tax on total income, and provides instructions for the final submission of the return. The paragraph concludes with an encouragement to like, subscribe, and comment on the video for more information on ITR and personal finance.

Keywords

💡ITR-2

ITR-2 is an Income Tax Return form in India specifically designed for individuals and Hindu Undivided Families (HUFs) who do not have income from a business or profession, and are not eligible to file ITR-1. In the video, ITR-2 is the central topic as the script explains the necessity and process of filing this form, especially for those holding foreign assets or income.

💡Foreign Assets

Foreign assets refer to any form of property, bank accounts, or investments held outside of one's country of residence. In the context of the video, the discussion revolves around the declaration of such assets in ITR-2, emphasizing the legal requirement for residents to disclose foreign holdings irrespective of their income source or tax paid on them.

💡Income Tax Act

The Income Tax Act is the legislation in India that governs the征收 and management of income tax. The video mentions this act to underscore the legal obligation of residents to declare foreign assets, highlighting the potential penalties for non-disclosure, including fines and imprisonment.

💡Telegraphic Transfer Buying Rate

The Telegraphic Transfer (TT) Buying Rate is the rate at which a bank buys foreign currency when transferring funds to another country. In the video, this rate is crucial for converting foreign income and assets into Indian Rupees (INR) for the purpose of filing ITR-2 accurately.

💡Schedules

In the Indian income tax return forms, schedules are sections that detail specific types of income or deductions. The script describes various schedules that need to be filled out when filing ITR-2, such as salary, capital gains, and foreign assets, each requiring different sets of financial information.

💡Capital Gains

Capital gains are the profits made from the sale of an asset, such as shares or property. The video script explains how to report both short-term and long-term capital gains in ITR-2, including the distinction between the two and how they are taxed differently.

💡Deduction

A deduction in the tax context refers to an expense that can be subtracted from an individual's taxable income, thereby reducing the tax liability. The video outlines various types of deductions available under different sections of the Income Tax Act, such as medical expenses (80D) and contributions to retirement funds (80C).

💡Tax Relief

Tax relief refers to a reduction in the tax liability of an individual due to certain conditions or provisions. The script mentions tax relief under sections 90, 90A, and 91, which pertain to foreign tax credit relief for taxes paid in another country, relevant for individuals with foreign income.

💡Dividend

A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits. The video discusses the inclusion of dividend income, both from Indian and foreign companies, in the ITR-2 and how it is taxed under the Income Tax Act and Double Taxation Avoidance Agreements (DTAA).

💡Form 16

Form 16 is a certificate issued by employers in India to their employees detailing the TDS (Tax Deducted at Source). It is used while filing ITR-2 to show the tax already deducted and deposited with the government, which can be adjusted against the individual's total tax liability.

💡TDS (Tax Deducted at Source)

TDS is a system in India where tax is deducted at the source of income before it is actually received by the taxpayer. The video script refers to TDS as part of the tax payment schedule in ITR-2, which taxpayers need to verify against their Form 16 and 26AS to ensure accuracy.

Highlights

Salaried individuals with foreign assets must file ITR-2 for declaration, irrespective of income from those assets.

Foreign assets include property, bank accounts, securities, and shares of foreign companies outside India.

Residents are required to declare foreign assets under the Income Tax Act, even if no gain is realized.

Failure to disclose foreign assets can result in penalties of 30-90% of the asset value and up to 7 years imprisonment.

The process of filing ITR-2 is explained step-by-step in the video, making it accessible for taxpayers.

ITR-2 is filed by individuals or HUFs without income from business or profession, and those ineligible for ITR-1.

Documents required for ITR-2 include Form 16, 26AS, AIS, investment proof, and statements of capital gains and losses.

Foreign assets purchased before 2022 must be declared if held or sold in 2022.

All data regarding foreign assets and income must be filled in INR using the Telegraphic Transfer Buying rate.

The video provides a detailed guide on logging into the income tax website and initiating the ITR-2 filing process.

Different schedules under ITR-2 are categorized and explained, including mandatory and applicable sections based on individual circumstances.

Personal information, contact details, and filing status are required in the General Information section of ITR-2.

Bank details must be provided for refund purposes within the ITR-2 filing.

Schedule Salary requires a detailed breakdown of salary components, including allowances and perquisites.

Capital gains schedules detail the process for reporting short-term and long-term capital gains.

Other source income, such as dividends and interest, must be declared and verified against AIS data.

Deduction schedules like 80C, 80D, and 80TTA allow taxpayers to claim eligible deductions on investments and expenses.

Foreign income, including dividends, must be reported in the Foreign Source Income (FSI) schedule.

The video concludes with instructions on completing and submitting the ITR-2 form, including verification and validation steps.

Transcripts

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If you are a salaried person and you are holding assets foreign

Then you have to file ITR-2 for declartion of such foreign assets.

Foreign assest mean any holding outside India on properties, bank accounts,

Securities and shares of foreign company.

Few questions come to our mind when we talk bout shares of foreign company,

Like: These shares are part of my salary and I already paid tax on that?

or I purchse through by my taxable salary? or I do not have any gain on them?

Then why i need to declare that foreign assets in ITR-2.

Because as per Income Tax Act, resident required to declare his foreign assets irrespective of their income.

This is just a declaration. There is no extra tax liability as you have purchased through your taxable income.

And if you don't disclose foreign assets then there might be panelty of 30 to 90% of your foreign assets value

and imprisonment of up to 7 years. So it's better to declare All Foreign Assets in ITR filing.

Now question aries that how to file ITR2.

So, In this video, I am going to tell you step by step process of filing ITR 2.

From that you can file your ITR-2 very easly.

Lets understand who should file ITR-2.

Here is the list who required to file ITR-2. And in simple language

we can say a person or a HUF, who do not have income from business or profession.

or those have to file ITR-2 who are not eligible to file ITR-1.

Here I am taking example of a saleried person  who have income from salary capital gain and

foreign income as dividend and person also hold foreign assets like shares of U.S company

and now these documents are required for filing of ITR-2.

Form 16, 26AS, AIS, investment proof, capital gain loss statement, statement & certificate of foreign income and

deduction of foreign tax, and foreign assets information.

The most important thing about foreign assets that we have so all those foreign assest

That we purchsed in 2022 or before that but we have either hold it or sold it in 2022.

And the last, we have to fill all data in INR regarding foreign assets and foreign income.

For that we will use Telegraphic Transfer Buying rate. And I have given the link of that in below discription.

Now let's understand how to file ITR-2

Lets file ITR2, login to your income tax website

there is option file your return for the year  ended on 31st March 2023 for the assessment  

year 2023-24 click on file now. If this option  is not reflecting on your website then go to  

e-File head in income tax return click on File  Income Tax Return. Select the assessment year

select the mode of filing. Here I am selecting  online click on Continue button

click on Start New filing,

click on individual then continue.

Select ITR From here I am clicking on ITR-2

Proceed with ITR-2.

Click on let's get started.

In this select the filing reason here I am selecting first as per our example taxable income is more  than basic exemption limit.

Click on continue

Here schedules are divided in 5 categories.  Some schedules are mandatory and some we need  

to select as per our applicability. Here I am  selecting based on our example in which we  

have salary income, short-term capital gain,  long term capital gain, and foreign Assets.  

Now the first categories General here Part A is  mandatory this is general information don't click  

on continue button until you select schedules  from all five categories. The next one is income  

here I am selecting salary schedule, capital  gain schedule, 112 for long term capital gain,  

OS for other source income i.e. interest and dividend  income. Here I am selecting SI, FSI and TR schedules  

because I have income from foreign assets like  dividend income from foreign company and based  

on your income you can also select HP head for  house property income VDA for cryptocurrency and  

EI for exempt income like agriculture income. Next  is deduction, here I am selecting 80D for medical  

and VI-A for 80C and other exemptions. You can also select 80G and 80GGA if you have done any donation. 

Next is Tax, these 5 heads are mandatory as we  have salary income and TDS deducted by company. And  

the last schedule ESOP this is applicable on tax  deferred on ESOP. Click on Others here also majorly  

schedules already selected I am selecting schedule  FA since we need to declare foreign assets  

if you have total income more than 50  lakh then you need to select AL schedule  

then click on continue again continue again  click on continue.

In this we need to select tax regime. Here I am clicking on No.

Since going with old text regime then click on continue button

There are some set of questions you need  to answer based on your applicability if  

you don't answer then by default answer will be  no. Here I am selecting HRA and LTA for claiming  

exemption and writing the amount. Then click on  continue.

Here I am clicking yes for 80C, 80D and 80TTA.

You can also select 80CCD for pension scheme, 80E  for loan on higher education, and 80G for donation.  

And if you are eligible for any other deduction go  through the sheet and write them out.

I am selecting no. Then click on continue button.

Now we need to  fill all schedule which we have selected. Click on Part A General Information:

Here we need to provide personal information, contact details, filing status

in filing status we need to select 139(1). New tax  regime I am clicking on no. Your residential status  

is yes, then I am going with first condition. There  are also some set of question you need to answer  

based on your applicability. Then click on Save.

Next one is Bank details, here you need to provide Bank details for any refund and confirm.

And next is Schedule Salary: click on the schedule salary

here we need to provide breakup of the salary. For  filling data in salary schedule first we will see  

our Form 16. So this is a dummy Form 16. Here I am  using the same example of my last video of Form 67.  

Salary is 19 lakh. The salary breakup  is this. Here allowances which  

are not eligible for exemption, I  Club them all in other allowances.  

And one most important thing if salary breakup  is not available in your Form 16 then take  

Year to date data of March salary. The total perquisite value Rs. 3,50,000/-. Received gift of Rs. 20,000/-  

and shares of Rs. 3,30,000/-.  This is the LTA exemption and HRA exemption  

So the standard deduction of Rs. 50,000/-.  Professional tax and now gross total income  

Now we will fill all data in schedule salary.

Here you need to click on ADD details of breakup

I already filled data here. The Basic Rs. 10,00,000/-, HRA, LTA and other.

If you want to add another then click on ADD button. The value of perquisites: here I selected 2.

If you have any other click on the Add button.  Then click on Save. Next is allowances under  

Section 10, here I took HRA and LTA. If you want to  edit, click and edit and write them out, and Save  

The next deduction under Section 16 this is a  standard deduction this will come automatically.  

The professional text 2400. Click on Save  and Confirm.

Now the next is Schedule Capital Gain

Click on it. Section 111A is for short  term capital gain on equity and mutual fund.  

Section 112A is for long term capital gain on equity  and mutual funds. Here I selected two if you have  

any other type of capital gain then select as per  nature of your capital gain and continue.

111A for short term capital gain.

For short term capital gain: we need to provide consolidated data.

Here I already filled the detail hence clicking on

Edit button you click on ADD button.

Here I fill data from downloaded statement of trading account

So this is my capital gain statement  

the short term: the total buy value, total sell  value, and expenditure incurred for trading  

and this is my short-term capital gain  the same date I am using for filing  

full value of consideration is total sell value  cost of accusation is total cost of buying  

the total expenditure for trading and this is the  capital gain.

Loss to be disallowed under Section 94: Here loss on that shares will be disallowed on  which you receive dividend

and sold the shares at lower price. Now save

and the next is long term capital gain 112A

click on view schedules

you need to click on ADD button

so there are two options before and after. After 31st January we need to provide Consolidated data

and for before 31st  January 2018 we need to provide separate data for each trading of shares or mutual fund.

First we are taking example of after 31st January 2018

we need to fill total cost of purchase, total  expenditure incurred and total sell value  

and the calculation is same as we have done in  short-term capital gain and save the details  

and for on or before 31st January click on Add  button

for on or before 31st January we need to provide separate data for each trading

and we also need to provide fair value on 31st January 2018.

ISNI code mostly not available for shares but  it's available for mutual fund so if it is not  

available we need to write "INNOTAVAILABLE". The  name of shares the dummy name I am giving here, the  

number of shares 10, selling price per share is Rs.200/-, the cost of acquisition of shares Rs. 1000/-.

this is total buying value of 10 shares the fair market  value per share on 31st January 2018 is Rs. 150/- the  

expenditure incurred Rs. 10/-. So in this capital  gain equal to selling price minus purchase price  

or fair price whichever is higher so fair value  is also important for calculation of capital gain.  

Then click on the Save button.

If you have number of transaction for before 31st January 2018

then you can use CSV template. To fill data in  CSV file click on download template

I am using the same example which I explained you so AE for after 31st January 2018 and BE for before  

31st January 2018. So in AE we need to provide  Consolidated data, ISNI code "INNOTREQUIRED"  

Name of the share Consolidated, the full value  of consideration is total Sell value, cost of  

acquisition is cost of buying, the purchase cost  again same because we are not taking fair value  

here, total expenditure done while Trading  total, deduction is cost plus expenditure  

and now balance is capital gain. In BE  we need to provide separate detail for  

each transaction ISNI code mostly not available  for shares but available for mutual fund if not  

available please write "INNOTAVAILABLE".  Name of the share here I am writing ABC  

number of shares 10, selling price was RS.200/share then full value of consideration is total  

Sell value Rs. 2000/-, cost of acquisition is buying  price/ purchase price, then fair market value per  

share is Rs. 150/-, then total fair market value will  be Rs. 1500/-, So for the calculation of capital gain  

we need to take higher value of actual cost  and fair value. So from 1000 and 1500, Rs. 1500/- is  

higher so I am taking Rs. 1500/-, expenditure incurred for trading Rs.10/- total deduction is higher Value  

Plus expenditure. Now the capital gain save  the file

and upload the CSV template here if you face any issue while filing click on need help and confirm.

Now click on Other Source head

The first is dividend and interest income. This  will automatically reflecte from your AIS  

Click on this Dividend and Edit button.

First dividend this dividend is from Indian company Rs. 1970/-

As we have also dividend from US company  as per our earlier example in Form 67.  

I have given link of that video in description. So  here I'm adding Rs. 8100/-.

So total amount is Rs. 10070/-. Now click on the Save button

and the next is Interest. It will automatically populate from your AIS.

Please cross check this data with AIS. If you have  interest from foreign company then click on this

and click on Edit button and add the interest from  where you have.

And the second is income chargeable at special rate

as we have foreign dividend income of Rs. 8100/- which are chargeable at a special rate.

Click on the Arrow click on Add button. Here you select your applicable option

here I am selecting F amount included in 1&2. Which is chargeable at a special rate. I already  

added Rs. 8100/- in One (First Column of dividend) that I am selecting then click on Add income  

the amount of 8100. I added this 8100 in column  1ai. The income received from US. This dividend  

income covered under article 10 of DTAA and rate as per DTAA is 25%.

Section of IT act for dividend: I am selecting rate as per Income Tax Act 15%.

As we already calculated in our Form 67 video.

Click on the Add then again Add button.

Go to 10 directly information about other sources.

In information section we need to provide  brackup of our other source income quarterly  

wise otherwise the error will occur. The 2nd is  for Indian dividend 1ai

Rs. 1900/- here I am writing in fourth quarter and the 7th is foreign dividend

received in December month so I'm writing here in third quarter Rs. 8100/- and Confirm

Now click on CYLA head.

This is for setoff current year losses. If you have current year losses this will

automatically setoff. Go down and Confirm.

And the next is BFLA schedule. BFLA is for brought  forward losses. Last year I have capital gain  

loss of Rs. 40,000/-. Which is brought  forward this year total Rs. 39168/-. This is setoff  

against my capital gain income of this year.

If you want to take the benefit of setoff please mention your capital gain profit and loss every year.

Now click on compute setoff and Continue.

The next is CFL. The CFL for the losses carry forward in future years.

The losses which cannot be setoff in this current year the remaining amount of loss will carry forward next year.

Click on compute setoff.

Next is schedule Special Income. As per example  we have foreign income called as a special income.

The income chargeable under DTAA this is  automatically populated Rs. 8100/-.

Check and then click on confirm button.

Next is scheduled 80D. The section 80D is for medical insurance.

The first one is your family and second for  your parents. If you are senior citizen select  

Yes. Here I am selecting No. Provide the details.  For senior citizen parents click on Yes.

Health insurance amount, Preventive health checkup and Medical expenditure.

In senior citizen case we can claim regular medical expenditure, if payment was done online.

Click on the Save button and Confirm.

The next is schedule VI-A.

80C will automatically populate from your Form16.

If you have done any extra investment,  click on Edit button and add the Investments.

This is section 80D. This will automatically  populate from schedule 80D.

At the start of filing if you forgot to answer regarding deduction you can add here.

Click on the Add button select the deduction so this is for NPS scheme contributed by employer.

It is allowed 10% of your basic salary.

Then click on the Add, If you want to add another. This is a contribution to NPS scheme by the  

employee and Add. Like here I added this two  deduction you can add more deduction if you  

forgot earlier. Click on the Confirm button.

80TTA click on ADD. In 80TTA, we need to claim deduction on interest on saving bank account.

The maximum limit is Rs. 10,000/-. If you write here 10,000.

the actual eligible amount automatic  reflect. Cross check and write the actual amount.

If you are eligible for any other deduction  please fill the detail and then click on Save button.  

Click on confirm button.

The next is FSI: schedule foreign income. As we have dividend income from foreign company

add detail here. Here I am filling the same details as our Form 67.

Click on the Edit button. The country code United State, and the next is taxpayer identification number

if you don't have this number mention the passport  number here I am using a dummy passport number.

Head of income is other source since dividend  income covered under other source income.  

Dividend in Rs. 8100/-. Tax paid outside India  Rs. 2025/- in INR.

Tax payable under normal provision in India Rs. 1215/- as we calculated earlier in video of Form 67.

The article number 10 is apply on dividend with US as per DTAA.

Then click on the Save button and Confirm.

And the next schedule is Tax Relief u/s 90, 90A and 91.

This all data will come automatically.

Here you need to answer 4th question:  whether any tax paid outside India on which  

tax relief allowed in India has been refunded  by the foreign tax Authority during this year? 

Here I'm clicking on No and Confirm.

And the next schedule is Foreign Assets .It is very important.

In this we need to declare All Foreign assets received till 31st December 2022.

Click on that Add button. Here you need to select type of financial assets: I am selecting third one.

Details of foreign Equity. Before filling this we will understand the calculation of foreign Assets in Excel.

Here I am taking example of Microsoft company.  Address of company is this. ZIP code is this. 

And nature of entity this is a company  listed on Stock Exchange here you need  

to check your entity is whether company or  LLP or it is listed on stock exchange or not  

as we know in this we need to declare All  Foreign assets received or purchased till  

31st December 2022. So here in example, 10  shares received on 9th February 2021 and  

10 share received on 4th February 2022. and  this is the purchase price per share in dollar

So this is the max price per share in the year 2022. 

since we all know us followed January to  December Financial year so this is a closing  

price per share at the 31st December 2022. Now  the total investment value in dollar, this is the  

total purchase value, this is the maximum value  and this is a closing value of our investment.  

So in this case we receive $100 as  dividend on 20 shares. So dividend is $5/share  

So it will be $50-$50 for both entries. Now we convert all dollar value  

in INR by using telegraphic transfer buying rate  of SBI.

For investment: purchase price, maximum price, and closing price, we need to take rate of same day

and for income for example dividend and interest

rate of last day of immediate preceding  month in which we have received income  

for example we received dividend in the month of  December. we will take the rate of 30th November.  

So these are our telegraphic transfer buying  rate for different dates which I am using for  

the conversion. Like for the initial, initial value  is buying value on 9 Feb 2021

buying rate is Rs. 72/$. So the total purchase value is Rs. 1,75,831/-

and the peak value on 4th Jan dollar  value is Rs. 73.64/$  

and closing value is 31st December 2022  Rs. 82/$. and dividend received  

in month of December so we took the last  day of the preceding month

it is Rs. 81/$.

So I converted all data in INR now we  go back to our schedule FA for filling the data.

You need to click on ADD details, Here  I already filled hence clicking on Edit

What type of foreign assets you have, on  the that basis you have to select the  

nature of financial assets. Country name, name of entity  

address, ZIP code. The main things nature of entity  you need to check here whether it is company or  

LLP or whether it is listed or not and mention  here. In my case company listed on stock exchange  

Date of acquiring is buying date, initial  value of investment is total purchase value.  

Peak value is maximum price of investment during  the calendar year 2022. The closing value of the  

investment: this is the investment value on  31st December 2022. The dividend value we  

have dividend income from foreign Assets in INR  4050/-. In our example I haven't sold  

any shares so I am writing here zero. If you sell  the shares mention the sell value of the shares.  

Then click on the save button. And in the same  manner I did the second entry and click on the  

Save button and Confirm.

Next schedule is AMT. This figures will come automatically

just check and confirm.

Next schedule is AMTC here also figures will come automatically

and click on confirm.

Now the next schedule is Part B-TI. TI is total income

cross check with your data: salary income, capital  gain income, other source income,

brought forward loss, the special income, aggregate income.

If  you have current year loss it will show here

and confirm.

The next is Tax Paid: Just cross check with your TDS details in 26AS

and click on confirm.

The next is PartB-TTI: tax on total income

If tax need to be pay: amount will be shown  here, if any refund is there it will show here.  

and we need to answer the last question if we fall  in any one-off condition click on Yes

Here I am clicking on Yes because I have income from outside India.

Then preview the return Proceed to Preview

and Proceed to Validate

Now validation successful click on proceed to Verification and then submit your return.

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