Dividend from foreign stock still held in the US

1. If you are a resident in India, then it should be declared in your ITR as for residents global income is taxable in India.

2a. Yes

3a. Yes

4. No, it will not be taxed twice. You don't need to pay tax then.

1. If you are resident in india then global income will be taxable and it would be included in ITR of 2019-20.

2a. yes

2b. yes

3. no. if any tax paid then double taxation relief is available in 2019-20.

Dear Sir,

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1. Taxability in India depends on residential status in India, source of income and place of receipt of income.

A resident will be charged to tax in India on his global income i.e. income earned in India as well as income earned outside India.

If you are resident in India, then you need to pay the taxes on the same.

2.Yes.

3.Yes.

4.No, it won't be taxed twice.

Please note that in a case of double taxation of income where the same income is getting taxed in India as well as abroad, one may resort to the Double Taxation Avoidance Agreement (DTAA) that India would have entered into with the other country in order to eliminate the possibility of paying taxes twice.

-In accordance with Rule 128, in order to claim FTC (foreign tax credit), you would be required to file following documents on or before due date of filing of return:

1.    A statement of :

·         foreign income offered to tax

·         foreign tax deducted or paid on such income in Form No. 67

2.    Certificate or statement specifying the nature of income and the amount of tax deducted therefrom or paid by the taxpayer :

·         From the tax authority of the foreign country

·         from the person responsible for the deduction of such tax

·         signed by the taxpayer

3.    Proof of payment of taxes outside India

We may assist you in entire procedure.

I understand that you are ordinarily resident in India for the tax year 2029-20. Hence, your world wide income is taxable in India. 
With the above background - you will be taxable in India on your foreign dividend. You can claim credit for tax paid in US if that dividend income is taxed in US as well.  You are not liable to tax agains on that dividend income while it is transferred to India bank account subsequently 

As regards units, since they are unsold, they are not liable got any taxes. If your total taxable income is above 50 lakhs , you got to disclose that asset in Itr at cost.  

Yes, it will be shown under Other Income - Dividend.

Till FY 19-20, dividend from Indian companies was exempt and had to be reported in exempt income schedule.

You also need to show your holding of these shares as unlisted shares in the Part A - General schedule. In case there are any transfers or new acquisitions, the same also need to be mentioned.

- Yes dividend is declared under income from other sources in ITR.

- Both are declared under income from other sources.

Yes, you need to declare the same under the head "Income from other sources".

-Dividend received from a foreign company is taxable. It will be charged to tax under the head “income from other sources.”

Dividend received from a foreign company will be included in the total income of the taxpayer and will be charged to tax at the rates applicable to the taxpayer. For instance, if the taxpayer comes in the 30% tax slab rate, then such dividend will also be taxable at 30% along with cess.

Also,Dividend received from a foreign company gets taxed both in India and in the home country of the foreign company. However, if the tax on an international company’s dividend has been paid twice (i.e. paid in both the nations), then the taxpayer can claim double taxation relief. The relief claimed can be either as per the provisions of double taxation avoidance agreement entered into by the Government of India, with the country to which the foreign company belongs, or he can claim relief as per Section 91 (in case no such agreement exists). This means that the taxpayer doesn’t have to pay tax on the same income twice.

-Dividend received from an Indian company was exempt until 31 March 2020 (FY 2019-20). That was because the company declaring such dividend already paid dividend distribution tax (DDT) before making payment.

However, the Finance Act, 2020 changed the method of dividend taxation. Henceforth, all dividend received on or after 1 April 2020 is taxable in the hands of the investor/shareholder.

We may discuss the issues in detail over a phone consultation.

Hi

1.  A resident will be charged to tax in India on his global income i.e. income earned in India as well as income earned outside India. 

2. Yes 

3. Yes.

4. No it won't be taxed twice.

Hi

Yes your understanding is correct it will be taxable under the head other course.