Master in Accounts & high court Advocate
9610 Points
Posted on 02 March 2025
To report foreign travel expenses exceeding ₹2 lakhs in ITR-2, follow these steps:
Step 1: Check if you're eligible to claim the exemption If your taxable income exceeds ₹3 lakhs, you cannot claim the exemption under the 7th proviso.
Step 2: Report the foreign travel expense in Schedule SI Since you cannot claim the exemption, report the foreign travel expense in Schedule SI (Income from Salaries) or Schedule BP (Business or Profession), as applicable. Step 3: Fill in the details In Schedule SI or BP, fill in the details of the foreign travel expense, including: -
*Descripttion*: Mention "Foreign Travel Expense" or a similar descripttion. - *Amount*: Enter the amount exceeding ₹2 lakhs.
Additional Tips: - Ensure you maintain supporting documents, such as invoices, receipts, and travel records, to substantiate the expense. -
If you're claiming any other deductions or exemptions, ensure you comply with the relevant provisions and reporting requirements.