Preparing your tax: computation and overseas filing

Good tax numbers start with good trades

The tax pages do not ask you to re-enter anything. They use the lots you recorded in Add Stock Transaction and Add ETF/MF Transaction, plus FD interest from FD. Review P&L first, since it uses the same data.

Tax: Computation

Tax: Computation is an editable worksheet for a chosen financial year (the current one or five earlier ones). It covers FD interest, dividends, stock gains and fund gains, and you can open any row to see the trades behind it.

Gains are split into short-term and long-term using holding period, market and fund type. As modelled in the app:

• India equity funds: short-term 20%, long-term 12.5% above a Rs 1.25 lakh exemption.
• Debt funds are taxed at slab rates and do not join the equity set-off pool.
• Foreign equity: short-term 30%, long-term 12.5% with no exemption.
• Equity losses can offset eligible gains in a stated order, and any unused loss is shown for carry-forward.
• The worksheet includes cess and surcharge, shows TDS on FD interest and dividends, and indicates advance tax when net tax after TDS exceeds Rs 10,000.

Overseas Filing

If you hold global stocks or foreign funds, Overseas Filing helps prepare Schedule FSI, Schedule TR, Schedule FA and Form 67, with drill-downs into foreign sales, holdings and dividends.

It converts values to INR using the previous month-end rate required by the rules, and treats foreign equity gains held at least 24 months as long-term. Foreign bank accounts and actual dividend tax credits still have to be entered by you.