Which ITR form for foreign travel expenses more than 2 lakhs?

ITR-4
Major Changes made in ITR-4 for AY 2020-21 Individual taxpayers who meet the criteria of (a) making cash deposits above Rs 1 crore with a bank or (b) incurring expense above Rs 2 lakh on foreign travel or (c) expenditure above Rs 1 lakh on electricity should also file ITR-1.

Is there any tax on foreign remittance in India?

Is foreign remittance is taxable in India? Money remitted outside India will be subject to a 5\% tax collected at the source (TCS). The TCS rate will be 0.5 per cent of the money sent if the transfer is paid out against a loan acquired for higher education.

Do you pay tax on foreign interest?

Foreign interest Foreign interest received by or accrued to a resident is subject to normal tax in South Africa. The foreign interest income will be exempt up to the amount of R2 400, that is, R3 200 less R800 exemption in respect of foreign interest.

Is balance sheet mandatory for ITR 3?

Documents Needed for ITR 3 for Business and Professional Income. Following are the documents required to file the return if you are earning any income from Business and Profession during the year: Balance Sheet and Profit & Loss Statement. Bank Account Statement/ Passbook.

Can remittances be taxed?

The net result is that workers are sending roughly $150 billion out of the U.S. economy each year. [2] That money is not spent on goods or services in the United States. As a result, it is not subjected to sales taxes, excise taxes, restaurant taxes, etc.

What amount of interest is taxable?

If you earn more than $10 in interest from any person or entity, you should receive a Form 1099-INT that specifies the exact amount you received in bank interest for your tax return. Technically, there is no minimum reportable income: any interest you earn must be reported on your income tax return.