How to report foreign stocks in your income tax returns
It is mandatory to disclose your foreign stocks, dividends received in the income tax returns
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It is mandatory to disclose your foreign stocks, dividends received in the income tax returns
ITR-1, also known as Sahaj, is for Indian residents who earn an income up to Rs 50 lakh from salary, dividend and fixed deposit interest, and own one house.
As the last date to file your income tax return (ITR) looms closer, one should note that filing your Income Tax Return (ITR) using the wrong form can lead to various consequences. The Income Tax Department may reject your return, requiring you to refile with the correct form.
The deadline to file Income Tax Returns (ITR) for FY 2022-23 is 31st July 2023. Online filing for ITRs 1 and 4 has been enabled. Different ITR forms apply to individuals based on their income, with the basic exemption limit at ₹2.50 lakh for those below 60 years
ITR 2 is meant for both resident and non-resident individuals and HUFs who have specific types of income