whether withholding tax u/s 195 is to be deducted -net gain

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Hiren (Querist)
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26 May 2011 Facts: Assessee is non resident, incurred a losses in a year - subsequently earned income in next month(in the same financial year)- whether tax is deductible on net income (i.e. after adjusting losses of previous month losses)? if possible give relevant case laws.

Hiren

Hiren (Querist)
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26 May 2011 further clarification: above income / losses is from trading in equity shares under PIS scheme.

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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27 May 2011 Only the net income is taxable in India, but the exact nature of incomes/losses under PIS need to be seen .

Juzer Sadikot

Juzer Sadikot (Expert)
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29 May 2011 Dear Hiren

Yes, In fact the same issues are faced by most of the NRIs investing through PIS.

Also, from February 11, ICICI Direct (AD ICICI Bank Ltd) has started allowing sett off of such losses.

You may refer 10.23 of followed link:

https://www.icicidirect.com/nrifaq.asp#a63

No case law available. You may obtain legal opinion.

Regards
CA Juzer

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