[A_v_i]

I am still trying to figure out the Foreign Assets table in this year's ITR2.

What i am confused about are stocks from RSUs and ESPPs (Employee Stock Purchase Plan), both are taxed on vesting and declared as part of my taxable income in my form 16 and included in my previous ITRs.

If i sell any stock, i declare the income as capital gains and pay appropriate tax. Do unsold stocks need to be declared under "Foreign Assets"?

[sgiitk]

How to the Linux users create their returns. Is LibreOffice able to handle the Macros in the .xls files?

[Su-47]

Originally Posted by A_v_i

If i sell any stock, i declare the income as capital gains and pay appropriate tax. Do unsold stocks need to be declared under "Foreign Assets"?

Yes. Income : P&L :: Foreign Assets : Balance sheet.
Looks like the govt. wants you to declare both and you can't ignore one because you are declaring the other.

[A_v_i]

Originally Posted by Su-47

Yes. Income : P&L :: Foreign Assets : Balance sheet.
Looks like the govt. wants you to declare both and you can't ignore one because you are declaring the other.

Thanks for replying. The problem with declaring under Foreign Assets is that fields for income and tax applicable are mandatory, but till i sell there is no income or applicable tax. Maybe i am missing something obvious

[A_v_i]

Originally Posted by sgiitk

How to the Linux users create their returns. Is LibreOffice able to handle the Macros in the .xls files?

The Java utility works fine on Linux.

[Su-47]

Originally Posted by A_v_i

Thanks for replying. The problem with declaring under Foreign Assets is that fields for income and tax applicable are mandatory, but till i sell there is no income or applicable tax. Maybe i am missing something obvious

What about dividend on ESPPs and vested RSUs?

[A_v_i]

Originally Posted by Su-47

What about dividend on ESPPs and vested RSUs?

There aren't any I am wondering if zero is an acceptable value in the income and tax applicable fields.

[binand]

Originally Posted by A_v_i

I am still trying to figure out the Foreign Assets table in this year's ITR2.

I am also stuck in this section. I usually fill up sections A and D in schedule FA, but this time both these have additional questions under "Income taxable and offered in this return". I don't have any income taxable so the amount is 0, but for the remaining two - "Schedule where offered" and "Item number of schedule" - what do I fill?

(I have some long-term assets left over from a period when I was an NRI).

[AMG_ang]

I own a house and pay property tax for it. I would like to know if the tax paid on the house property is deductible from the tax i pay as part of my salaried income?
Thanks in advance for your replies!

[hserus]

Yes - it is deductible. Here's the formula. http://finotax.com/income-tax/inchp

Originally Posted by sgiitk View Post
How to the Linux users create their returns. Is LibreOffice able to handle the Macros in the .xls files?

Download the Java utility and use it. Works fine on Mac OS X and should certainly work on Linux as well. Java is Java.

[Accent Martin]

For those who want a faster and simplified tax returns filing, log on to clear tax website and use this to submit. I did that through this and found it to be simple. After you create your user ID and password, you will have to provide personal information. Post which there is an option to upload your form 16. The website will read the PDF and auto populate the required fields. Of course some will have to be manually keyed in but the website provides sample screenshots to locate the sought amount. Once checked and submitted, you will get an e-mail from them as well as Income tax department on the confirmation of filing of returns. 10 minutes job.

[AMG_ang]

Originally Posted by hserus

Yes - it is deductible. Here's the formula. http://finotax.com/income-tax/inchp

Thanks for your reply. I forgot to mention that the I stay at my house which I own. This is the only house I have.
The link provided by you mentions that the tax paid to local authorities is deductible only in the case if the property is let out and which in my case is not.

[binand]

Originally Posted by AMG_ang

I would like to know if the tax paid on the house property is deductible from the tax i pay as part of my salaried income?

Originally Posted by AMG_ang

I forgot to mention that the I stay at my house which I own. This is the only house I have.

Nope, you cannot deduct municipal taxes in that case. Income from house property is defined as gross income less municipal taxes for let-out properties, and zero for self-occupied properties. So municipal taxes figure only in the let-out case.

As a matter of form - deductibles are deducted from income, not from tax. Secondly in the general case, deductibles applicable to a certain class of income cannot be applied to another class of income (so deductibles applicable to "income from house property" cannot be deducted from "income from salaries").

Edit: Link

[sgiitk]

It seems there is some change in the procedure for getting a digital signature. What is the latest algorithm?

Originally Posted by sgiitk

It seems there is some change in the procedure for getting a digital signature. What is the latest algorithm?

I used Aadhaar-based OTP for electronic verification of my uploaded returns afterwhich my returns were accepted and acknowledgement generated immediately. Another option for e-verification is through the Netbanking account details. Neither sending a print of ITR V to CPC nor digital signature is required.