Which months to consider for entering FSI in schedule S
This query is : Resolved
21 September 2021
I was working out from India in Germany from July 2017 to Aug 2021. Now previous FY I filled my Income tax as NRI. From September I started a job in India.
For this FY when I will be filling the income tax I got to know since I am Resident I also need to show income earned in Germany. Germany follow tax year as calendar year (Jan-dec).
So while filing I will be showing the salary from Indian employer. Now when I need to add another entry in Schedule S for salary earned in Germany, Should I be showing April - August or Jan- August. Can you please also link me to the official document
For this FY when I will be filling the income tax I got to know since I am Resident I also need to show income earned in Germany. Germany follow tax year as calendar year (Jan-dec).
So while filing I will be showing the salary from Indian employer. Now when I need to add another entry in Schedule S for salary earned in Germany, Should I be showing April - August or Jan- August. Can you please also link me to the official document
21 September 2021
For ITR its always April to March of any FY.
So, in your case it will be April to the last day of your salary receipt.
So, in your case it will be April to the last day of your salary receipt.
21 September 2021
Is it even in the case if the salary received in country which follow Jan-dec tax calendar. Can you please link me to the official document.
22 September 2021
Refer last example: "Sample Tax Calculation" ::
https://home.kpmg/xx/en/home/insights/2011/12/india-income-tax.html
https://home.kpmg/xx/en/home/insights/2011/12/india-income-tax.html
25 September 2021
Thank you for the example it clears my doubt.
Just to make sure in example assumption is person is treated resident through out. While I was treated Non Resident previous year.. Means FY 2020-2021 I was Non Resident. So it's still applicable right?
One additional query. Does it apply also to any RSU stocks too. Means should we be showing RSU stock credited in March 2021 in FY 2021-22 return?
Just to make sure in example assumption is person is treated resident through out. While I was treated Non Resident previous year.. Means FY 2020-2021 I was Non Resident. So it's still applicable right?
One additional query. Does it apply also to any RSU stocks too. Means should we be showing RSU stock credited in March 2021 in FY 2021-22 return?
25 September 2021
The query basically enlightens the financial to be considered as per IT act. So, I confirm in all the option mentioned by you, it will be from April to March next.
Secondly, RSU stock credited to your account in March 2021. So the same is to be entered in your book in march 2021. Any tax liability over it will be assessed in AY. 2021-22. (pertaining to FY 2020-21)
Secondly, RSU stock credited to your account in March 2021. So the same is to be entered in your book in march 2021. Any tax liability over it will be assessed in AY. 2021-22. (pertaining to FY 2020-21)
25 September 2021
Great. So schedule S for foreign salary will be calculated from April - Aug in my case
Regarding RSU. For AY 2021-22(FY 2020-21) as per the FEMA rule I am deemed as Non Resident, so only the income arising in India was showed as per the rule. Now the RSU credited I am talking about is of Nasdaq listed stock which follow calendar year as tax year. And as per schedule FA the accounting term is considered Jan - Dec as per provided guidelines. So I am bit confused now.
Regarding RSU. For AY 2021-22(FY 2020-21) as per the FEMA rule I am deemed as Non Resident, so only the income arising in India was showed as per the rule. Now the RSU credited I am talking about is of Nasdaq listed stock which follow calendar year as tax year. And as per schedule FA the accounting term is considered Jan - Dec as per provided guidelines. So I am bit confused now.
25 September 2021
For AY 2021-22 being NRI, you are not liable to fill Schedule FA.
Read:
Schedule FA,-
(i) This schedule is to be filled up by a resident assessee. It need not be filled up by a ‘not ordinarily resident’ or a ‘non-resident’. ....
Read:
Schedule FA,-
(i) This schedule is to be filled up by a resident assessee. It need not be filled up by a ‘not ordinarily resident’ or a ‘non-resident’. ....
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