Indian taxpayers

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Indian Taxpayers Must Report Foreign Assets Using SBI's TTBR Exchange Rate

Indian taxpayers must report foreign assets in their Income Tax Return (ITR) for AY 2026-27, converting foreign currency to Indian Rupees using the State Bank of India's (SBI) Telegraphic Transfer Buying Rate (TTBR). This specific rate is mandated by Income-tax Rules, requiring taxpayers to use the TTBR applicable on the relevant date and retain records for compliance.

Economic Times

2 Min. Lesezeit

Indian Taxpayers Face New Foreign Asset Reporting Rules for AY 2026-2027

In Entwicklung

Business·gesternKI-Zusammenfassung

Indian Taxpayers Face New Foreign Asset Reporting Rules for AY 2026-2027

Indian taxpayers face new foreign asset reporting rules for AY 2026-2027, driven by CBDT orders and international information exchange. Schedule FA requires detailed disclosures for foreign shares, ESOPs, cryptocurrencies, and jointly held overseas bank accounts, with accurate reporting crucial to avoid penalties under the Black Money Act.

Economic Times

4 Min. Lesezeit

Indian Taxpayers with US 401(k) Must Report Withdrawals in New ITR Forms

In Entwicklung

Politik·23.6.2026KI-Zusammenfassung

Indian Taxpayers with US 401(k) Must Report Withdrawals in New ITR Forms

Indian taxpayers with US 401(k) accounts must now report withdrawals and maturity details in ITR schedules FSI and FA. New ITR forms require filing ITR-2 or ITR-3. Filing Form 40 is crucial for deferring Indian tax until withdrawal.

Economic Times

3 Min. Lesezeit