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Home > Income Tax > Service Plans > Resident with Foreign IT Filing Service PlanLast Updated: Nov 19th 2024

Resident with Foreign IT Filing Service Plan & Pricing

Service

  • Expert assisted Income tax filing for Resident individuals with Foreign Income and Foreign Assets along with other Income such as Share trading Income or Loss, and/or Sale of properties, along with single or multiple house properties, single or multiple Form-16s, and interest income.
  • Expert support through Email, phone & chat during the business hours.

Who should buy?

  • Resident Individuals with Foreign Income or Foreign Assets and Indian Income
  • Applicable for Residents with Global Income
  • Rental + Interest Income in India + Salary
  • Capital Gains and Futures & Options trading
  • DTAA Benefit and Form 67 Filing

Process

  • Upon receiving the documents, our expert will call you before starting the process.
  • Determine the residential status, a basis for your tax filing
  • Expert team will exchange the information thru email and phone calls, if necessary.
  • Team will send you the Draft Computation Sheet for further review.
  • Once confirmed, team will e-File your return, and send you the ITR-V acknowledgement.
  • Estimated Processing Time: 2 Days (due to different timezones)

Documents to be Submitted

  • Income Tax Portal Credentials OR PAN Number and Date of Birth.
  • Aadhaar Number)
  • e-mail ID & Mobile Number
  • Resident Bank Account Number & IFSC Code
  • Trading Statements (Profit and Loss or Capital Gain Statements from the Stock Broker(s) )
  • If income from sale of property / asset, below details required
    • Sale value, purchase value, sale date, purchase date
    • Valuation Report* (where needed)
    • Any cost of improvements
    • Will / Inheritance / Advance / Registration Cost Details* (where applicable)
    • Any pre-defined option / plan to defer, reinvestment, pay the gains (we will help if needed)
  • Any other income, Investments such as ESOPs, or Savings details (if applicable)
  • Foreign Income details (TRC, IT Return, exemption Certificate) (if applicable). Sample TRC can be found @ Sample US TRC, Sample Oman TRC ; format is country specific.
  • Foreign Assets details (if applicable)

Other Benefits

Every Service comes with the benefits such as

  • e-File & PDF Report
  • e-Verification Assistance
  • Post Service Follow up
Resident with Foreign Income IT Filing
from Rs.4960
Actual Price  Rs.  6200  (  -20% Offer ) Use Discount Code A974582


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Resident with Foreign Income IT Filing FAQs

A comprehensive list of frequently asked questions on Resident with Foreign Income IT Filing.

1.Who is Resident of India ?

An individual is deemed to be resident in India in any previous year if the taxpayer satisfies any of the following conditions:

  1. If the taxpayer is in India for a period of 182 days or more during the previous year; or
  2. The taxpayer is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately preceding the previous year.

However, condition No.2 does not apply where an individual being a citizen of India or a person of Indian origin, who being outside India, comes on a visit to India during the previous year.

2.I am a resident of India and I have some foreign income and I have already paid the taxes on the same in foreign country. Do I needs to disclose the same again in India?

Yes, as you are resident of India, Foreign Income needs to be disclosed again in Indian Income Tax return even though you have paid taxes outside India.

3.What is DTAA?

DTAA means Double Taxation Avoidance Agreement. When the taxpayer is resident in one country but has a source of income situated in another country, it gives rise to possibility of Double Taxation. Double Taxation means taxing the same income twice in the hands of the taxpayer. It is universally accepted principal that the same income should not be taxed twice.

4.What is Form 67?

Form 67 is a statement or form required to be submitted by the taxpayer to claim foreign tax credit. It needs to be filed in Income tax e filing portal if the taxpayer is claiming foreign tax credit.

5.I am having some foreign assets like bank account and some shares outside India. Do I need to disclose in ITR?

Yes, if you are resident of India and holding foreign assets outside India, you are mandated to disclose the same while filing Income tax return in India. The reporting needs to be done as on the last day of calendar year i.e. 31st Dec


Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.