Investing globally through Interactive Brokers looks better than local apps because of the wider market access, but the tax filing and the money transfers seem complicated. What do I need to report in my ITR, how is TCS handled, and what's the simplest way to send money?
1 Answers
Regarding tax filing, you need to report holdings in Schedule FA and when selling need to compute capital gains, show same in ITR and pay taxes on that.
TCS can be adjusted against advance tax payable or declared with employer so that it can be adjusted in salary TDS.
For money transfer, you can use AU bank which is offering zero markup and processing right now. Idfc also has lower charges. Other methods are using FX retail or Bharat Connect (Bhim).
You may also use Paasa instead of direct IBKR for ease of tax compliance and money transfer.
Yes it looks complex to start with, but when you do it one or two times, you will get used to it.
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