Author: CA Tarannum Khatri

Income tax on Traders : The Easiest guide

Income tax on traders is the guide prepared to cover the issue of income tax on trading in shares, bonds, options. In addition, we cover here speculative and non speculative business losses, carry forward of losses, effect of trading on profit and loss and balance sheet as per income tax law, how to determine turnover limit etc. Income tax on traders Definition of Traders: Trader as per dictionary is defined as a person who buys-sells shares, currency or commodity for himself or on behalf of somebody. Now-a-days they are additionally defined as persons’ who promises to buy or sell...

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How GST will benefit you

Do you know how GST will benefit you ? Are you ready to accept the upcoming law in India. Read this post to know future benefits of GST ( Goods and service tax in India.) How GST will benefit you ? Good and Services Tax (‘GST’ for short) is the single most significant indirect tax reform since the introduction of the Sea Customs Act in the year 1878 by the then British regime. This is for the simple fact that the Victorian concept of seeking to tax multiple events in a commercial transaction is being replaced by taxation of...

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Set off and carry forward of Losses: The ultimate Guide

Set off of losses means adjustment of losses against income earned for the financial year and carry forward of losses means any unadjusted losses for one financial year adjusted against income of subsequent financial year. There are in all 5 heads of income under the Income Tax Act viz., 1.Income from salaries 2.Income from house property 3.Income from business or profession 4.Income from capital gains and 5.Income from other sources. The Income Tax Act has prescribed rules to set-off losses against income from different source under one head of income and also to adjust loss from one head against...

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32 Income tax rules applicable for FY 2016-17

There are huge changes in income tax rules applicable for FY 2016-17 due to budget 2016-17 changes. In this post, I have covered all the changes in short. Income tax rules applicable for FY 2016-17: No change in income tax slab for FY 2016-17. Basic exemption limit is same Rs.2,50,000 for non senior citizen and Rs.3,00,000 for senior citizen. There is no change in income tax rate for fy 2016-17. Additional deduction of Rs.3000 is available u/s 87A. Now,  Section 87A will provide Rs.5000. Rate of surcharge is increased from 12% to 15% for income more than Rs. 1...

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6 Changes in income tax return form ( ITR form) for FY 2015-16

Income tax return filling for FY 2015-16 has been started. Some major changes in income tax return form for FY 2015-16  have been introduced by government of India. It increases burden on Taxpayers on some extent but will increase transparency We will cover all these changes in this post.   Changes in income tax return form for FY 2015-16:   Introduction of NEW  ITR 2A form : New form ITR 2A is introduced for individual / HUF to report income other than capital gains, business income, foreign income or foreign asset or who is not claiming relief under section...

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