🎯How to file Income Tax if you invest in US Stocks from India? 📈 Why are stocks rallying after interest rate hike by US cental bank? 🧠INDaily

Have you been investing in US stocks and ETFs? Did you file your Income Tax Return yet?

The last date for filing the ITR is July 31 for taxpayers whose accounts don't need to be audited. 

In case you’re wondering how to proceed, we have you covered. Click here to read this easy guide for finishing your Tax filings for US Stocks investments in 30 minutes.

What if you do not file income tax before the due date?

There are many consequences if you do not file the income tax return before the due date.

• As per the Income Tax guidelines, if your file a belated ITR (If the ITR is filed after the deadline), a late filing fee of Rs.5,000 is levied. For taxpayers with income up to Rs.5 lakh, the late filing fee would be Rs 1,000.
• You can not carry forward losses (Tax harvesting), pay an additional penalty in form of 1% interest per month on the tax to be paid, and face delayed tax refunds (if any).
• Belated ITR filing also hurts loan approvals, visa processing, and prosecution if the taxpayer wilfully fails to file a return even after issuing notices.

You should speed up now to submit your ITR now.

Must Read: How are your US stock market investments taxed? All You Need to Know

Worry not, follow this guide and file your income tax in 30 minutes

US stocks rallied sharply yesterday and global stocks including Indian stocks followed the trend and jumped sharply higher - this all happened despite an interest rate hike of 0.75% by the US Central Bank (Fed).

The stock market loved the indication by the US Fed that they can still bring down the 4-decade high inflation rate of the US (9%). However, the highlight of the day was the earnings release by Big Tech - Alphabet (Owner of Google, YouTube), and Microsoft - Strong future guidance and stable comments by management lifted investors' sentiment.

The Tech heavy Nasdaq jumped approx 4% whereas industrial heavy Dow Jones Industrial Average closed higher 1.4% higher.

Click here to check out -> US Fed Raised Interest Rates: How are you impacted? Google, Microsoft Jump 8%. Check today's gainers and losers

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🔊 We have been covering earnings releases for most of the stocks ->

• Bajaj Finance Q1 Results: Profits Jumped 159%, Beats Estimates
• Tata Motors Q1 Results: Losses widen to Rs 5,007 crore, Revenue remains flat
• L&T Q1 2022 Results: Profits Jumped But Missed Estimates
• Asian Paints Q1 FY23 Earnings: Profits Surge, Beat Estimates
• Tata Steel Q1 FY23 Earnings: Profit Declines but Beats Estimates

Watch out for the next INDaily for a crisp analysis of investment-related events.