Accounting period of Foreign Income in ITR
This query is : Resolved
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Rakesh Mital
(Querist)
14 April 2022
Hello Sirs,
My client has income from investments in the USA and Hong Kong. While USA works on a calendar year (1st Jan to 31st Dec), Hong Kong works on a financial year same as ours. Please confirm that for AY 2022-23 accounting period for USA will run from 1st Jan 2021 to 31st Dec 2021, i.e. income for the period 1st Jan 2022 to 31st March 2022 will not be included in the ITR. Whereas for Hong Kong income for the period 1st April 2021 to 31st March 2022 will be included. Please confirm. Thank you
My client has income from investments in the USA and Hong Kong. While USA works on a calendar year (1st Jan to 31st Dec), Hong Kong works on a financial year same as ours. Please confirm that for AY 2022-23 accounting period for USA will run from 1st Jan 2021 to 31st Dec 2021, i.e. income for the period 1st Jan 2022 to 31st March 2022 will not be included in the ITR. Whereas for Hong Kong income for the period 1st April 2021 to 31st March 2022 will be included. Please confirm. Thank you
CA R SEETHARAMAN
(Expert)
14 April 2022
Include all foreign income from 1st April 21 to 31st March 22, irrespective of their financial year.
Rakesh Mital
(Querist)
14 April 2022
Sir, Schedule FA of ITR2 and ITR3 mentions date of 31st December 2021. Therefore, issue is still not clear. Thanks.
CA R SEETHARAMAN
(Expert)
15 April 2022
That doesn't affect our recording of income based on our financial year.
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