Tax Gyan - The Makeyourtax Blog

Set Off &Carry forward of losses

We all know that a person is required to pay taxes on profits/Income earned during a financial year. But the question which arises frequently in the mind of Individuals is what if they have incurred losses during a financial year? If an Individual has profit and losses simultaneously he /she should pay taxes on the …

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Compliance for foreign remittances- 15CA /CB

So, do you need to make any payment (remittance) to a Non- resident or a foreign company? It has some legal procedures to be followed. As per the income tax act any person responsible to make a remittance to a Non- resident or a foreign company chargeable to tax has to submit form 15CA. This …

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Tax Rates for Individuals for FY 2015-16

As per Income Tax Act, taxes are levied depending upon the age and residential status of the assessee. The tax rates may differ in every financial year depending upon the rates which are announced in the budget presented by the Finance Minister in the Parliament. The applicable tax rates for Individuals and HUF as per …

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Taxability of Income of a Non- Resident Individual

In the last article How to determine the residential status of an individual we spoke about how an Individual is determined as a NRI and taxability of income for a NRI .In this article we will take the concept forward and will discuss in brief about taxability of Income of a Non- Resident Individual. The …

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What to do when you receive IT Assessment notice

Mr. Agarwal, a medium size wholesale trader from Meerut, is somewhat worried and is not able to concentrate fully on his business from the time he has received a notice from Income Tax Department. His tax consultant has told him that his file has been selected for scrutiny and the assessing officer will ask for …

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