As your employer had disclosed the income from exercise of the ESPP, you would be owning the shares listed overseas. Therefore, you would need to disclose such shares in Schedule FA (foreign assets) of your income tax return. Any asset owned overseas by a resident (other than a not ordinarily resident, or NOR) must be … Read more
Budget 2024: Finance Minister Nirmala Sitharaman has introduced more stringent rules for obtaining clearance certificates required for residents leaving India. Starting October 1, residents of India will need a clearance certificate confirming compliance with the Black Money Act for leaving India. As per section 230 of the Income-tax (I-T) Act, any individual residing in India … Read more
Union Minister Nirmala Sitharaman tabled the Finance Bill in the parliament as part of the Union Budget 2024-25, which included an amendment to the Black Money Act. Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal stated on 25 July that the amendment in the Black Money Act would provide taxpayers relief from penalty when … Read more