What is equalization levy? When is it charged? What rate is it levied at? Who is liable to pay such tax? Know all about this new model of collecting tax through our latest article.

Forex Transactions indicate the sale and purchase of foreign currencies. It is an agreement of exchanging currency of one country for the currency of the other at an agreed exchange rate on a pre-determined date.

 

 Forex Transactions refer to transferring funds from one country to another. There could be various personal as well as business-related reasons due to which funds are required to be remitted abroad.Forex Transactions refer to transferring funds from one country to another. There could be various personal as well as business-related reasons due to which funds are required to be remitted abroad.

COVID-19 pandemic had hit the entire country and had forced individuals to stay wherever they are. Many individuals came on a visit to India but could not return to their home country due to suspension of international flights. The residential status of an individual, as to whether he is a resident in India or a non-resident or a not ordinarily resident, depends on his period of stay in India and which in-turn determines the scope of taxable income of such individual.

NRIs will have to pay income tax on the income that they have earned in India. NRIs will also require to pay their taxes on the income that is predicted to accrue or arise within India. The money that is received or deemed to be accepted is legally taxable in India.