Prisha Tax Consulting is an Indian tax practice for people whose returns are not simple —
RSUs and ESOPs from foreign employers, shares held with overseas brokers, capital gains across
multiple asset classes, and the reporting schedules that come with them.
Engagements are scoped in writing with a fixed fee before work begins.
FA · FSI · TRForeign asset & relief schedules
Rule 115Documented FX conversion
Form 67Foreign tax credit claims
Capital gain — foreign listed equityWorking paper
Sale consideration (USD 18,400)
₹ 15,42,336
SBI TT buying rate, last day of month preceding transfer — Rule 115
Less: cost of acquisition (USD 9,250)
₹ 7,53,875
Less: transfer expenses
₹ 4,120
Holding period
31 months
Classification
Long term
Long-term capital gain
₹ 7,84,341
Maps to Schedule CG · asset disclosed in Schedule FA · foreign tax, if any, in Schedule TR with Form 67
Due-date watch (AY 2026‑27).
ITR‑3 / ITR‑4 non‑audit returns: 31 August 2026 ·
tax‑audit cases u/s 44AB: 31 October 2026 ·
transfer pricing (Form 3CEB): 30 November 2026 ·
belated / revised u/s 139(4) & 139(5): 31 December 2026.
Late fee u/s 234F is ₹1,000 where total income is up to ₹5 lakh and ₹5,000 otherwise,
with interest u/s 234A on unpaid tax.
Filing tracks
Find the return that matches your year
Returns are not one job. What your year contained decides the form, the schedules
and the work behind them. Five tracks cover almost everyone — read down until one
describes you.
Core tracks
01
ITR‑1 / ITR‑2
Basic
One employer. Salary, and not much else.
Form 16 checked against the return, not simply copied
Old regime against the default regime under section 115BAC, compared on your actual figures
Self-occupied house property and interest under section 24(b)
Chapter VI-A deductions, with the evidence indexed
Savings and deposit interest, including what the bank did not report
Form 26AS, AIS and TIS reconciled; feedback filed where the AIS is wrong
Filing, e-verification and refund tracked to credit
02
ITR‑2
Executive
Salary up to ₹50 lakh, plus a fuller balance sheet — deposits,
a let-out property, and market gains.
Everything in Basic, across more than one Form 16 where you changed employer
Fixed and recurring deposit interest, accrued year by year, with TDS credit matched
Let-out and deemed let-out property: municipal taxes, standard deduction, and the
₹2 lakh set-off ceiling on interest
Capital gains on listed equity and mutual funds — sections 111A and 112A, with the
₹1.25 lakh exemption and grandfathering as on 31 January 2018 applied correctly
Broker statements reconciled across platforms rather than accepted at face value
Loss set-off and carry forward under Schedule CFL
Advance tax reviewed, and interest under sections 234B and 234C computed
Schedule AL prepared where total income crosses ₹50 lakh
03
ITR‑2 / ITR‑3
Premium
Everything in Executive, plus virtual digital assets.
Every item in the Executive track
Virtual digital assets under section 115BBH — a flat 30%, with no deduction other
than cost of acquisition
The point most people miss: a loss on one coin cannot be set off against a gain on
another, and cannot be carried forward
Schedule VDA completed transaction by transaction, not in aggregate
Tax deducted under section 194S traced and credited
Exchange and wallet statements reconciled across platforms, including transfers between
your own wallets, which are not disposals
Airdrops, staking rewards and gifted assets characterised before they are taxed
Specialist tracks
04
ITR‑2 / ITR‑3 · Schedules FA, FSI, TR
Foreign assets
ESPP, RSUs, shares held abroad, and crypto on overseas exchanges.
The highest-exposure return an Indian resident files.
RSU, ESOP and ESPP taxed correctly across grant, vesting and sale — the perquisite
under section 17(2)(vi) carried forward as cost, so the same income is not taxed twice
Holding period measured from allotment on vesting, not from grant
Currency converted under Rule 115 and Rule 26, with the rate, date and source recorded
against every line
Schedule FA — foreign depository and custodial accounts, equity and
debt interests, reported for the correct accounting period whether or not income arose
Schedule FSI and Schedule TR — foreign income gross of withholding,
with treaty relief claimed source by source
Form 67 filed under Rule 128 before the return, so the foreign tax credit
is not denied at processing
Crypto held on foreign exchanges — reportable as a foreign asset as well as taxable
under section 115BBH
Prior years reviewed for omissions, because undisclosed foreign assets fall under the
Black Money Act, 2015, not the Income-tax Act
05
ITR‑2 / ITR‑3 · DTAA
NRI filing
Non-residents with Indian income, and anyone whose residential status
changed during the year.
Residential status built from a day count under section 6 — including the 182, 120
and 60 day tests and the deemed residence rule in section 6(1A)
RNOR status identified where available, which can keep foreign income outside the Indian
net for up to three years after return
Indian income scoped precisely: salary for services rendered in India, rent, interest,
dividends and capital gains
NRE, NRO and FCNR interest treated correctly — they are not the same
Sale of Indian property: TDS under section 195 on the whole consideration, and an
application under section 197 for a lower deduction certificate before the sale, not after
Treaty relief with tax residency certificate and Form 10F
Repatriation support, Form 15CA and Form 15CB
Refund of excess TDS pursued to credit in an Indian bank account
Not sure which one is you? That is the
normal position, and it is the first thing we work out. Describe your year on the phone —
employers, properties, brokers, foreign holdings, crypto — and you will be told which track
applies, which schedules it brings, and what it will cost, before anything begins.
What we do
Four practice areas
Depth in a narrow set of problems, rather than a menu of everything.
NRI & foreign income
Residential status under section 6, foreign employment income, RSU and ESOP taxation across
grant, vest and sale, foreign dividends and interest, and the disclosure schedules that follow.
Listed and unlisted equity, mutual funds, foreign securities, derivatives and immovable property —
computed transaction by transaction with a full reconciliation.
Return preparation for salaried individuals, professionals, HUFs and residents with multiple
income sources, plus responses to departmental communications.
ITR-1 to ITR-4, revised, belated and updated returns
Old and new regime comparison under section 115BAC
The deliverable is not a filing acknowledgement. It is a working paper file
structured the way a reviewer would want to read it.
Raw data preserved. Broker contract notes, vesting reports and bank
statements are retained as received, before any transformation.
Conversion documented. Every foreign currency figure records the rate used,
the date, the source and the rule that requires it.
Full reconciliation. Opening holdings plus purchases less sales equals closing
holdings; broker statement ties to working paper ties to the return.
Positions referenced. Each conclusion cites the section, rule or circular it
rests on, and flags where the position is arguable rather than settled.
Engagement sequence
Scoping
You share the documents. We identify the schedules
involved, the data still missing and the questions of law that arise, and confirm a fixed fee.
Computation
Transaction-level workings built in Excel with live
formulas, not hard-coded values, so every figure can be traced to its source.
Review
You receive the computation and a position note before
anything is filed, with the reconciliation and the assumptions listed explicitly.
Filing & file
The return is filed and you keep the complete
working paper file, ready to answer a notice years later.
Where this matters most
Situations we see repeatedly
Situation
What usually goes wrong
What the return needs
RSUs vested from a US parent, some shares sold
Perquisite value and capital gain both taxed on the full sale proceeds, because the
perquisite already offered to tax is not taken as cost
FMV on vesting as cost of acquisition, holding period measured from vesting, Schedule FA
disclosure of the unsold balance
Shares held in a foreign brokerage account
Only the sale is reported; the account itself is never disclosed
Foreign custodial and depository account details in Schedule FA for the relevant
accounting period, whether or not income arose
US dividend received net of withholding tax
Net amount offered to tax and no credit claimed for the tax withheld
Gross income in Schedule FSI, treaty rate applied, credit claimed in Schedule TR
supported by Form 67 filed in time
Returned to India mid-year after years abroad
Global income offered from the wrong date, or RNOR status not claimed when available
Day-count working under section 6, RNOR determination, and income scoped to
residential status for that year
Equity and mutual fund sales across multiple platforms
Broker capital gains statements accepted at face value, with grandfathering and
transfer expenses mis-applied
Independent computation, cost as on 31 January 2018 where applicable, and a
reconciliation to the AIS
A note on penalties. Undisclosed foreign income and assets
are dealt with under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015,
not the Income-tax Act. The consequences of omission there are materially heavier than the tax that would
have been payable on disclosure. Where a past year has been missed, the sequence matters — speak to us
before filing anything.
Questions
Frequently asked
Do I have to report foreign shares in my ITR even if I did not sell anything?
Yes. A resident and ordinarily resident must disclose foreign depository accounts, foreign custodial accounts, foreign equity and debt interests and other foreign assets in Schedule FA, on a calendar-year basis for the relevant accounting period, regardless of whether any income arose or any sale took place. Non-disclosure exposes you to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which carries a flat rate of tax and penalty far heavier than the tax on the income itself.
Which exchange rate applies when I convert a foreign capital gain into rupees?
It depends on the head of income and the rule that governs it. Rule 115 prescribes the telegraphic transfer buying rate as adopted by the State Bank of India for converting income expressed in foreign currency, with the specified date differing by head of income. For capital gains, the specified date is the last day of the month immediately preceding the month in which the capital asset is transferred. Salary perquisite on RSU or ESOP vesting is converted under Rule 26 by reference to the TT buying rate on the date the tax is required to be deducted. We document the rate, the date, the source and the reason in every computation.
I paid tax abroad on the same income. How do I avoid paying twice?
Relief is claimed under the applicable Double Taxation Avoidance Agreement read with section 90 or 90A, or under section 91 where no treaty exists. Foreign tax credit is governed by Rule 128, which requires Form 67 to be furnished on or before the end of the assessment year relevant to the year in which the income is offered to tax, together with proof of payment of the foreign tax. The credit is restricted to the lower of the Indian tax on that income and the foreign tax paid, computed source by source.
What changes when the Income-tax Act, 2025 takes effect?
The Income-tax Act, 2025 came into force on 1 April 2026 and applies to income of FY 2026-27 onwards. Returns for AY 2026-27, which relate to FY 2025-26, continue to be governed by the Income-tax Act, 1961, as do pending assessments, appeals and proceedings for earlier years. The practical consequence is a period of dual compliance: section references, forms and reporting schedules differ depending on which year you are dealing with, and carried-forward losses and unabsorbed depreciation transition under specific provisions.
How is a computation file different from just filing my return?
A filed return is a set of numbers on a portal. A computation file is the evidence behind those numbers: raw transaction data, the currency conversion applied with its rate source, cost and sale computations, holding-period workings, short-term and long-term classification, the schedule each figure maps to, and a reconciliation back to the broker statement, Form 26AS and the Annual Information Statement. If your return is later selected for scrutiny or you receive a notice under section 143(1) or 139(9), that file is what answers it.
Client experience
In their words
Reviews from clients of the practice, published as given and with consent. First names only. Grammar has been tidied where needed; nothing has been added, removed or reworded in substance.
“
Foreign assets & notice
I had issues with my ITR filing and also received a notice regarding foreign assets declaration, which was quite stressful. I approached Mr. Mahendra, and he handled everything very professionally and efficiently. He carefully reviewed my already filed ITR, rectified the mistakes, and guided me step by step in correctly declaring the foreign assets. He is very knowledgeable, responsive and clear in his explanations, which gave me a lot of confidence and peace of mind throughout the process. Highly recommend him to anyone looking for reliable support for ITR filing, rectifications, or handling income tax notices.
JYJyoti
“
ITR filing
Best experience in filing ITR so far. He takes full ownership end to end in filing ITR. He does all things in the legal way and no fake proofs are entertained, in order to be compliant with income tax law. I strongly recommend the services of Prisha Tax Consulting.
RIRitesh
“
Year on year filing
For a few years now, Prisha Tax Consulting has been helping me file my Income Tax Return. After I gave them my details, goals and plans just once, they have consistently reminded me to file without ever needing that information again. The process is so smooth that all I have to do is give them the go-ahead.
SWDr. Swathi
“
Filing & refund
Mahendra Sir was extremely helpful in guiding me through the process of filing my Income Tax Return. He explained everything clearly and ensured that the filing was done in a genuine and accurate manner. Thanks to his guidance, I received my tax refund within an unexpectedly short time. Overall, it was a great and smooth experience. Highly recommended!
SHShashidhara
“
Filing & advisory
After consulting with Mahendra for my income tax filing, I can confidently say that he is a knowledgeable and reliable person for this job. He has been very professional and timely with his services. He helped me understand the process better. He is also up to date with all the latest laws and rules regarding tax filing. Highly recommend him.
SASatya
“
First consultation
I came to know about Mr. Mahendra Sir through my neighbour. In my first meeting itself I had seen his deep expertise associated with taxes. He educated me with all my queries and had solved my problems. He is a very professional and trustworthy person.
BABaskar
“
Tax notice resolved
Mahendra from Prisha Tax Consulting was extremely helpful in resolving my pending tax issue, which had been pending for some time. He worked on a proper response and helped me submit it at the Income Tax office, which got cleared. Thanks Mahendra!
GAGanesh
“
Four-year client
I have had a great experience with Mahendra from Prisha Tax Consulting for the last four years. He charges minimal fees for filing the returns and guides very well on tax saving options. He is very knowledgeable, approachable and a very professional financial advisor. I look forward to engaging with him for all my future requirements.
SASachin
“
Transparency
Thank you, Mahendra, for assisting us in filing our ITR. I especially appreciated the transparency throughout the entire process and the detailed information shared with us. This not only helped us understand our taxation better but also provided valuable advisory insights. Your expertise and clear communication made a complex process much simpler for us.
MAManik
“
Tax saving advice
My experience with Mahendra from Prisha Tax Consulting has been extremely satisfying. He is very knowledgeable and does not just file the ITR with the information provided to him, but also guided me on the various sections under which I can invest for tax benefits.
RARahul
“
Ongoing compliance
Timely submission, careful calculations and regular follow-ups — these attributes make Prisha Tax Consulting one of the more reliable firms.
AVAvinash
“
Multi-year client
Have been getting my ITR filed by Prisha Tax Consulting for the last few years. Very reliable service. Mr. Mahendra gave really good advice related to tax saving.
DEDebjoy
Start a conversation
Tell us the facts. We will tell you the position.
Send your Form 16, broker statements, vesting reports and Form 26AS / AIS.
You will get a written scoping note setting out the schedules involved, the documents required
and a fixed fee before any work begins.