Resident with foreign Income

It is mandatory to disclose foreign assets held by you while filing Income tax return. This plan is the right plan for you. In this plan, a CA will prepare and submit your tax return to the IT Department. He will also fill out foreign income-specific schedules and check relevant compliance with regard to Double Taxation Avoidance Agreement.

Yes, this plan is especially designed for person who sold RSU or shares of foreign company.

For person resident in India – all Income earned by him/her is taxable in India.

You can claim the benefit of tax paid in foreign country for Income earned outside India, while filing Income tax return subject DTAA & other Provisions of law.

A resident assessee will be eligible to claim Foreign Tax credit (FTC) if any tax has been paid by him in a country or specified territory outside India. 

For claiming Foreign Tax credit (FTC), you need to furnish following documents:

1. Submit Form No.67
2. Certificate or Statement specifying the nature of income and the amount of tax deducted or paid by the assessee,-

(a) from the tax authority of foreign country; or

(b) from the person responsible for deduction of such tax; or

(c) a statement signed by the assessee if it is accompanied by an acknowledgment of online payment or bank counter foil or challan for payment of tax where the payment has been made by the assessee;

3.   Proof of deduction where the tax has been deducted 

Our CA Expert will assist you in filing form 67.

Form 26AS is annual consolidated statement of TDS. Form 26AS displays the various taxes deducted/paid on individual’s or any person’s income from/through various sources.

For Individual Income tax return due date is 31 July of the assessment year. For FY 2019-20 due date of filing Income tax return is 31 July 2020.

For audit assessee due date is 30th September of the assessment year.

From FY 2020-21 due date for Audit assessee is 31st October of the Assessment Year.

You will receive refund once the return is processed by Income tax department.

You can pay due tax by online mode. Our expert will guide you in payment of tax.