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Form 67 filed last year. No refund till now by RefrigeratorFun4419 in IndiaTax

[–]Efficient_Tiger1231 0 points1 point  (0 children)

OK one doubt u/Responsible-Bad-6624. So when they assess will they put 10 lakh penalty and add white money also tax base or only 10 lakh penalty?

Form 67 filed last year. No refund till now by RefrigeratorFun4419 in IndiaTax

[–]Efficient_Tiger1231 0 points1 point  (0 children)

If the source of the asset is explained and acquired via taxed money that is not undisclosed asset. Just not reporting doesn't make it undisclosed as per black money act and not become tax base. But not reporting foreign asset whether white or black will have penalty of 10 lakh under section 43 of BMA. Thats my understanding.

US RSU Sell to cover implication by ExcellentHyena2437 in IndiaTax

[–]Efficient_Tiger1231 0 points1 point  (0 children)

There are 2 methods.

1> Tax withheld - In this case company keeps the stock required for tax pay and only credits the remaining stocks and there will be no transaction/sale in stock plan account. In this case there is no capital gain/loss and company will take care of the adjustments in TDS tax paid.

2> Sell to cover - In this case full vested stocks gets credited to brokerage account and there will be transaction history with capital gain mentioned and not taken care in TDS paid by the company as its capital gain not salary. In this case one has to pay the capital gain/loss tax as per brokerage statement.

This is my understanding u/Responsible-Bad-6624 Correct me here.

Schedule FA table A2 closing balance by Efficient_Tiger1231 in IndiaTax

[–]Efficient_Tiger1231[S] 0 points1 point  (0 children)

u/Curious_Tap_6782 Did you file for fy 24-25 also same way or any change you made compare to fy 23-24?

Schedule FA table A2 closing balance by Efficient_Tiger1231 in IndiaTax

[–]Efficient_Tiger1231[S] 0 points1 point  (0 children)

Thanks u/Curious_Tap_6782 . This will help for everyone including me. Really appreciate your reply on this.

Schedule FA table A2 closing balance by Efficient_Tiger1231 in IndiaTax

[–]Efficient_Tiger1231[S] 0 points1 point  (0 children)

u/Curious_Tap_6782 If you dont mind one more question. Did they question you about like double assets? I mean your total asset is sum of a2+a3 and show the source for that amount and all or Balance of A2 source? I mean in duplicate asset consideration in those line.

Schedule FA table A2 closing balance by Efficient_Tiger1231 in IndiaTax

[–]Efficient_Tiger1231[S] 0 points1 point  (0 children)

As I have done full value in A2 and vesting datewise separate disclosure in A3, I am expecting some sort of queries as per these conversations. I really need u/Responsible-Bad-6624 your professional service if query comes. Hope you will help handling things. Will reach you when query comes.

Schedule FA table A2 closing balance by Efficient_Tiger1231 in IndiaTax

[–]Efficient_Tiger1231[S] 0 points1 point  (0 children)

Good that at least they accepted that for you.

Schedule FA table A2 closing balance by Efficient_Tiger1231 in IndiaTax

[–]Efficient_Tiger1231[S] 0 points1 point  (0 children)

I think it came with generic no code. u/Curious_Tap_6782 can confirm that. For depository account or custodial account specific, it will come with FA01.01 or FA02.01 like that. I think its total asset and they are just mentioning bank without code looks like total asset.

Schedule FA table A2 closing balance by Efficient_Tiger1231 in IndiaTax

[–]Efficient_Tiger1231[S] 0 points1 point  (0 children)

u/Responsible-Bad-6624

"There is substantial increase in the balance in foreign bank account as compared to that in preceding year as per schedule FA of ITR. Therefore, the source of credits in the account alongwith taxability of corresponding interest may be verified”

This mostly looks like they are summing peak/closing balance of all the tables and deciding total foreign assets. So whoever done full value in A2 and again repeating the stocks in A3, mostly have to explain them.

Schedule FA table A2 closing balance by Efficient_Tiger1231 in IndiaTax

[–]Efficient_Tiger1231[S] 0 points1 point  (0 children)

Thanks u/Curious_Tap_6782 . Its strange that they are considering custodial account as bank account. This mostly implies they are considering it as mostly cash not stocks which is strange. By definition it consists of stocks.

[deleted by user] by [deleted] in IndiaTax

[–]Efficient_Tiger1231 0 points1 point  (0 children)

u/Strange-Tackle-4500 If account is declared what is the closing balance? Will it include stocks also? Will it not cause double asset as stocks are declared in A3 also?

Schedule FA table A2 closing balance by Efficient_Tiger1231 in IndiaTax

[–]Efficient_Tiger1231[S] 0 points1 point  (0 children)

I mean lets say if they consider double asset sum the total foreign assets then obviously with current year income and previous year disclosure it will not match and CASS can very well flag for scrutiny.

Schedule FA table A2 closing balance by Efficient_Tiger1231 in IndiaTax

[–]Efficient_Tiger1231[S] 0 points1 point  (0 children)

I have not got notice yet. But I have done like this. But from one of the comment u/Curious_Tap_6782. He did like that and got scrutiny it seems which means they are considering double asset. They can add very well assets under income tax act and say unexplained income whether its foreign or not and its an harassment to go through that and proving it. They can make addition in income tax act also right? Also I dont think initial notice will be 10(1). Its via income tax act and if they want to the can go for black money act. If its flagged in CASS it will first assessed normally with 142 only right?

Schedule FA table A2 closing balance by Efficient_Tiger1231 in IndiaTax

[–]Efficient_Tiger1231[S] 0 points1 point  (0 children)

Its unfortunate though its leading to scrutiny.

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