• Is Schedule FSI required to be filled in ITR2

I have been allotted stock options (of my parent US company), which have been shown in my Form 16. I have shown the same in Salary as well as declared this in Schedule FA (D).
Do I also need to show this income in Schedule FSI also? No Tax has been deducted in the US and I am not claiming any refund.
I am resident in India.
Asked 6 years ago in Income Tax

Dear Sir,

Schedule FSI: Yes, you will have to show as it is mandatory for resident in India.

Payal Chhajed
CA, Mumbai
5189 Answers
302 Consultations

Since you are a resident indian and you are earning income from outside India you need to disclose it in schedule FSI of return of income.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Naman Maloo
CA, Jaipur
4303 Answers
101 Consultations

Hi,

- FSI schedule is mandatory for residents who earned income from outside India and tax paid outside India and to claim benefit of DTAA on such income.

- You can show it only under schedule FA.

Thanks

Vivek Kumar Arora
CA, Delhi
5011 Answers
1134 Consultations

Hi,

You need to show this income in schedule FA only.

Karishma Chhajer
CA, Jodhpur
2452 Answers
29 Consultations

Although schedule FSI is required to be filled only if you want to claim foreign tax credit, you can voluntarily put details if you have the same.

If you don't have , you can skip filling schedule FSI.

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

Yes, you will have to show as it is mandatory for resident in India.

Nikhil Khanna
CA, Mumbai
1429 Answers
19 Consultations

Hi

No, FSI schedule is not mandatory for you. It is mandatory when you want to claim any relief under DTAA.

You may proceed with FA schedule only.

Lakshita Bhandari
CA, Mumbai
5687 Answers
942 Consultations

Hi

Its mandatory only when you want to claim benefit under DTAA. Since no tax deducted and you are also not claiming any refund ,You can proceed without filling FSI Schedule.

Hope it clarify

Swati Agrawal
CA, Mumbai
1146 Answers
7 Consultations

Ask a Chartered Accountant

Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
  Ask a CA